Estate planning can be a difficult topic to think about and discuss. As the attached article shows, many people , wealthy or not, delay having those conversations and making the appropriate plans until it’s too late. As difficult a subject as it may be, it is important to think about what you want to happen to your assets and your loved ones after you pass and to put a plan in place that accomplishes those goals.
Dying without having established a Last Will and Testament or Revocable Trust means that state laws will determine how your assets are to be distributed and who has priority to administer your estate upon death. These laws recognize legal relationships between spouses, children, and other family members, but they do not recognize your special affections, relationships or trust with these and other individuals and allow little flexibility.
This may also make it more difficult to administer the specialized collection, liquidation or distribution of unique assets like family owned businesses, intellectual property rights, vacation homes and antiques, just to name a few. Each person has a different asset and family situation, and their estate planning should be just as unique. To learn more about the estate planning tools that may be useful to you and your family, visit Basics of Estate Planning. To speak with one of our experienced Estate Planning attorneys, you can visit us at Estate Planning Practice Group.
Read more about Aretha Franklin’s estate at: Aretha Franklin Article