I am always surprised to hear about people that die without any estate plan in place. I am especially surprised to hear when people with large estates pass away with no plan in place. This was the most recent case with Prince. Price died with no Will, and no Trust. Yesterday a special administrator was appointed. Now everything that transpires, because the estate will have to be probated, will be public record. Moreover, a Will is not private, and is easier to contest (generally) than a Trust. Michael Jackson died with a Will and provided for his children via testamentary trusts, but still this is a public transaction that could have been avoided with a proper estate plan perhaps utilizing a Living Revocable Trust, Irrevocable Trust, or other means.
Upon hearing that people die without estate plans in place make me wonder why. I wonder if they think they are too young to die, or if they think they are too young to plan. Perhaps they don’t prefer to contemplate their own demise. No matter the reason, we all know and need to come to grips with the fact that we could die at any age, that having a plan is far better than not planning, and planning for our demise is one of the best gifts we can give to those we love. A Revocable Living Trust, an Advance Healthcare Directive and other proper estate planning methods can take tremendous stress off of your family. It can also minimize fighting among family member (not always, I’ll give you that!) and insure that your hard earned assets are given to those you desire to provide for.
I believe you are never too young to plan, no estate is too small to prevent providing some peace of mind, and planning is an excellent way to show that you care and that you are remembered. Please feel free to give me a call and we can establish your Living Revocable Trust or other estate plan objectives. If you have specific estate planning goals in mind, I can help create solutions you may not be aware of.
See lots of estate planning information on my website at: www.myestate-plan.com
Thanks for reading my blog.
William Daniel Powell
This document is for informational purposes only. Nothing in this is to be considered legal advice. Nothing in this shall create an attorney/client relationship, nor shall it create a confidential relationship. If you need legal advice (in California), feel free to contact me or someone licensed to practice in your jurisdiction. I assume no liability or responsibility for actions taken, or not taken, as a result of reading this information.
Also, please remember that I speak in generalities in my blog and my website. There are so many different factors that can contribute and completely change the outcome that it would be impractical to discuss all of them here.