Estate planning is one of the two things which every family leaders should do in order to keep their families safe from the upcoming difficulties. A lot number of big and reputed families registered in history books have ruined the future of their offsprings because of improper estate planning. For people who’re the sole source of earning bread and butter for their families, they should be more concerned with the estate planning. There’s no one take care of your families after you, and that’s why you should have a proper estate distribution plan or will in place.
- Not having a will in place
You’ll be surprised to know that nearly one-third of Americans don’t have a proper estate will in place. The portion of people without a will include few popular names from history like Abraham Lincoln, Prince, Sonny Bono, Jimi Hendrix and Pablo Picasso. These guys, including the other followers, committed one serious mistake which proved to be a disaster for them, and that was not taking out time to get a will made.
Not having a will calls for some unwanted problems like intra-family conflicts, uneven, or unplanned distribution of estate or wealth creating a rift in between people. The state intestacy laws that come into play when someone commits the estate planning blunder and isn’t available anymore to correct it. Also, these laws decide who will get what share of property or wealth, which might be unfair. Also, people who according to the deceased deserve a fair share like a step-kid are mostly neglected by the state intestacy laws
- Not mentioning for personal property
Other than wealth in form of real estate property, bank deposits, investments and another form of materials that can be directly related to money, there are certain personal assets of people which ain’t related to money. Like in the case of the legendary American stand-up comedian and actor late Robin Williams, his family has engaged in a legal battle over the late actor’s film memorabilia. The family, mainly his widow and his three children have entered into a legal battle for his property, which was quite pre assumable. However, the battle is not just for the property and estate that the legend accumulated in his cherishing 40 years career, they are also battling for his belongings that include few photographs, his old clothes, collectibles, and other articles that hold emotional attachments.
- Not having a current will
For the most part, people presume that signing a will brings an end to their all estate planning problems. But NO! this isn’t it. A proper estate planning requires having a current will which is continuously updated according to the changes that occur in one’s life. Often times people get a will made and forget the amendments after a major or minor event that has occurred in their life which calls for a change in the current will. For example, a divorce with your spouse might require an update of the current will so as not to let your ex-spouse benefits from it after your death.