Thursday, November 16, 2017
Scenes from television and movies portray the distribution of estates as a stuffy, formal affair reserved to the most affluent sectors of society. This misconception can be terribly detrimental, as many decedents who die intestate leave their families to squabble over their assets. This scenario, though unfortunate, is a strikingly common occurrence. Many pass away believing that their assets will be inherited by their spouse or children. Depending on the state in which they die, this may not always be the case. In some jurisdictions, assets may pass to siblings who were never intended to be beneficiaries of the estate. Regardless of wealth, it is important to at least draft a will, possibly a trust, and assign someone power of attorney in case of incapacity.
See Ernie Burns, Estate Planning Is Not Just for the Ultra-Rich Anymore, Financial Advisor, August 3, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.