The main takeaway of this article is a selfless one. Yes, you are deciding how you want your assets to be distributed upon your death. However, estate planning helps your family, friends, and people who you care about with instructions about what is to happen with your assets after you die.
“A task without a deadline is just wishful thinking. Sometimes, you can get away with procrastinating. If you never get around to alphabetizing your spices, no one’s life will change.”
“One wrong decision can lead to expensive consequences, and good luck trying to persuade the IRS to give you a do-over.”
“Preparing an estate plan is like getting a physical. We know responsible adults have it done but choosing to do it yourself is just not appealing.”
“In many relationships, it’s common for one spouse to play money manager and the other to take a more passive role. However, this can lead to major complications when the financially dominant partner dies first.”
“Even thinking about preparing or updating your estate planning documents is tough stuff. There are many variables to consider.”
“When the ‘Queen of Soul’ Aretha Franklin died last year, it was believed that she hadn’t prepared any kind of estate plan, including a last will and testament. However, a few months ago, three handwritten wills were found in her home near Detroit. Two were in a locked closet and one was stuffed beneath the cushions of a couch!”
“There are milestones in every life. For many, graduating, becoming married, having children, opening a business, and retiring are among these milestones.”
“I have appointed my oldest son as agent using a durable power of attorney form I got on the Internet. I want to be sure he understands his responsibilities if he has to manage my money and pay my bills when I become ill.”
The son is a retired comptroller, but he wasn’t handling the finances.