“I’m not wealthy.” “I’m young and healthy.” “I don’t want to jinx myself.” There are many reasons why creating an estate plan is an important and just as many justifications for not doing it. Here are some common excuses for procrastinating in preparing an estate plan and some ways to overcome them.
If you’ve been appointed personal representative of a probate estate, it is likely you are wondering what your duties are and what steps you are required to take. Probate proceedings are often time consuming because they are full of confusing procedural requirements.
Setting up a revocable trust is like building a treasure chest. When you pass away you want that treasure chest to go to your children, or other beneficiaries, filled with your property and assets. But what happens if the chest is empty when your heirs receive it? One of the biggest mistakes in estate planning is the failure to properly transfer your assets into your trust.
President Abraham Lincoln, Jimi Hendrix, Bob Marley, James Brown, Prince, and most recently Aretha Franklin. These are just a few of many famous people who died without creating a will. Probate disputes can be long and contentious battles. This is even more true when there is no will spelling out the decedent’s wishes with regard to their property and assets. Jimi Hendrix’s estate was still being litigated almost four decades after his death. Bob Marley’s estate is a similar story: a 30-year dispute over his estate, including the rights to exclusive use of his name, likeness and image.
Jessica Brandow is foremost an estate planning attorney dedicated to providing quality legal service to all types of clients.