Estate plans are almost magical: they allow you to maintain control of your assets, yet protect you should you become incapacitated. They take care of your family and pets. And, if carefully crafted, they reduce fees, taxes, stress, and time delays. Estate plans can even keep your family and financial affairs private. But one thing estate plans can’t do is update themselves; you must act in order to update your estate plan.
You work hard for your money and want to ensure that your wealth distributions go according to your wishes upon your death. Sadly, many people simply don't understand the difference between wills and trusts and how they can affect inheritance. Don’t be one of them! Take control of your wealth distribution by understanding what wills don’t control and the benefits of a trust.
A 2012 study by Ohio State researcher Jay Zagorsky found that about one-third of Americans who receive an inheritance have negative savings within two years of getting their money, and of those who receive $100,000 or more, nearly one in five spend, donate or simply lose it all. If you are about to receive an inheritance, there are several steps you can take to insure your funds will last longer than a few years.
I awoke this morning to my regular routine of enjoying a fresh brewed cup of coffee and catching up on the news. I was disturbed to read an article about a woman with an Advance Directive in Ashland, Oregon suffering from early onset Alzheimer's disease is being spoon-fed despite her wishes.
Estate Plans are not static. As your life and family change so must your Estate Plan. Not to mention changes in the law that require an Estate Plan Update. An update to your Estate Plan is much like updating your resume. Think back to the last time you were sending out your resume.