Articles Tagged with mistake

A couple came in that had been referred by another financial advisor. The couple had a teenage child and wanted to make sure that their “legal affairs were in order” because they had done no estate legal planning in the past. We will be setting up an estate program for this couple to make legal matters easy or nonexistent when one spouse dies, and then making sure that guardians and trustees are named for their minor child should something happen to the parents before the child is an adult.  The simple goal to protect and organize is accomplished.

Planning for unfortunate situations is a real concern for families.  Rather than relying on good fortune and the law of averages, prudent families plan for contingencies.  While the time and expense of estate planning seem like a “not fun” endeavour, dealing with the mess of having no plan in place is a difficult and expensive process for those left behind.

In this case, our “Essentials Plan” was put in place.  A set of legal documents to provide guidance and authority for this family and their trusted agents in the event of an unfortunate event.

Yes, they fit the broad definition of a blended family, but the story of the “lovely lady” and a “man named Brady” was, of course, simply that. A story. When turning off the TV and looking at today’s blended families, a first observation is how very unique and different they all are. (Or as one estate planner remarked: “If you’ve seen one blended family, you’ve seen one blended family.”)
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Designating a Guardian for Your ChildrenYour children are the most important people in your life and protecting them is your top priority. Designating a guardian for your children is an important step in protecting your children. While we do not want to consider the possibility that we might not be alive to see our children grow up, designating a guardian is an important estate planning step that we all must consider to ensure that our children will be cared for should the unthinkable happen.

When Designating a Guardian, Know the Person

We cannot stress enough how important it is that you know the person you are choosing as the guardian for your children. You might think this is something that does not need to be said when counseling a person on designating a guardian for his or her children; however, when we say, “know the person” we mean “spend time with that person.” It is not enough that the person you are choosing as a guardian is someone who is close to you — you need to really “know” that person. Continue reading

The Fight Over Robin Williams' Estate ContinuesIt has been a bit over a year since the tragic death of actor and comedian Robin Williams; however, the family has yet to settle their battle over his estate. Williams took his life in August of 2014 in his California home. The actor had a Will but his kids from a previous marriage and his current wife have been battling for a year over some of the terms contained in the Will.

Williams’ wife, Susan, petitioned the court to prevent his children from taking possession of the contents of their San Francisco Bay home. She claimed the items in the home should be excluded from the estate. William’s children responded to the petition claiming their stepmother was trying to change the terms of the trust to deprive them of their father’s personal belongings and memorabilia.

Now one year later, the parties have narrowed down the fight to about 300 items and an issue regarding a monetary distribution to Williams’ widow. In June, a judge gave the parties until July 29 to settle their differences and reach an agreement. It is not clear if the parties met that deadline yet or if they will be able to settle the dispute without court intervention.

How Can I Prevent My Family From Fighting Over My Estate?

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Avoid Estate Planning Mistakes to Protect Your Loved Ones

No one likes to think about the end of his or her life; however, it is something that we all must face. In part, we do not want to think about the loved ones that we are leaving behind when it is our time say goodbye. It is because of your loved ones that you should think about estate planning. Estate planning protects your loved ones during a time when they are emotional and may not be thinking clearly. By taking steps now to ensure that your estate planning is up-to-date and includes all of the necessary estate planning tools, you can make it easier for your loved ones in the event of your premature death. Below are the most common estate planning mistakes and how you can avoid them.

Not having an estate plan or a final Will.cat-trusts-last-will-106694546