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.
“Accidents happen. Illnesses can strike anyone unexpectedly. So, take a moment to get a few basic estate planning tasks out of the way. You—and the people you love—will be glad you did.”
“Choosing the personal representative of your estate is important. Making the wrong decision can cause utter chaos.”
“It may sound like it makes sense, and it might be easier than picking a person (or two) to name, however there are some serious downsides to naming your estate as the beneficiary for your IRA.”
“There is no legal requirement that anyone give anyone else money or property when they pass. The law says that as long as you understand what you’re doing, you can give your assets to anyone you feel like giving them to, equal or not.”
“Naomi Judd left her daughters, performers Ashley Judd and Wynonna Judd, out of her will according to multiple reports.”
“You may have spent part of the pandemic updating your estate plan and getting your financial house in order. However, did you ever stop to think about whether your adult child needs a Will?”
“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.”
“Effective January 1st, adult Florida residents will legally be allowed to execute an electronic last will and testament to dispose of their property when they die.”
Wills contain scratch-outs, notes in the margins and some digression.