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Another day, another celebrity estate plan gone wrong (maybe). Chris Cornell, the musician known for being the frontman of Soundgarden and Audioslave, died over two years ago, but his estate is back in the news because his daughter filed a claim to receive funds from the estate.
The Holidays are hectic, but it’s always a good idea to pause and make plans for the coming year. If you’re a parent, make 2019 the year that you get your legal and financial house in order.
If you are reading this, you probably feel similarly to the way that I do about parenting: It is serious business, and it is our responsibility to provide the best care possible for our kids and to make sure they are protected and that they have every opportunity to succeed in life. If we can toast to that, I want to share with you 5 New Year’s Resolutions for Parents that you should give to your family. If you have not given these to your family yet, there is no time like the New Year to get started.
I have a math problem for you: If 70% of Americans don’t have any estate planning done, and if 50% of marriages end in divorce, and if men statistically remarry 2 years after their spouse dies or they divorce, and if women statistically remarry 5 years after their spouse dies or they divorce, and if most married couples own their property jointly, how likely are parents to accidentally disinherit their kids? I don’t have an exact number for you, but the answer is: VERY likely.
Many parents consider the possibility of protecting their kids’ inheritance from evil family members, but few consider the possibility that their kids may lose their inheritance simply due to a lack of proper planning. In a word: A will is not enough.
Thanksgiving week is such a great time to reflect on family and the legacy we wish to leave for them and for the communities and the world that made this life possible for us.
A legacy is so personal. Everyone has different ideas about the kind of legacy they wish to leave. Some people want their legacy to involve charitable work. Some want their legacy to involve personal achievement, such as writing a book or qualifying for and running the Boston Marathon. Some people just want to be the best mother, father, or friend that they can be—the bow to their arrows. All of these ideas about what constitutes a legacy are legitimate.
Are you worried about your parents leaving you with a big old mess when they die? You should be! Most people don’t have any estate plan at all, and most of the folks who do have an estate plan have made some sort of error or overlooked something that will make their families’ lives a real pain at some point. The good news is that you can make sure your parents’ estate plan is going to do the job right, by having your own lawyer review the plan. Here are some major things to look out for.
This is a question I get a lot: “I moved to Portland from California [or another state]. Do I need to have my estate plan reviewed or revised?” The answer is yes, yes, yes, a million times yes. Let’s break down some of the major documents involved in an estate plan and why you’ll want to have them reviewed and possibly revised.
