Over a person's lifetime, they might start to collect things that are of interest to them. This might include cars, boats, silver spoons, or modern artwork. Whatever a person's collecting passion might lead them to buy, it is important that people properly inventory and value their belongings. Not only is this a wise decision for security and insurance reasons, but it might help a person plan their estate.
With many people going through divorces or losing a spouse in their lifetime, and then remarrying, there can be many different family structures. The modern American family can include step-children, which parents come to love as their own biological children. When making out a will or total estate plan, people might often hope to include their step-children, under the umbrella of "children" worded in their will.
When people think of estate planning, they automatically think of wills, and maybe trusts. They think of the inheritance they hope to pass to their loved ones and their wishes on how assets are distributed. Rarely do people associate estate planning with end of life care.
The Lakers is one of the National Basketball Association's most recognizable team names. The team is owned by a few different people, but the majority of the team had been owned by Jerry Buss, until his death this week. Before the main owner died, he had a trust set up, which gave direction to what should happen to the team after he died. The share of the team that Buss once owned is now part of a trust that is controlled by his children. The trust stipulates that the team cannot be sold unless four of the six adult children vote to sell the team.
A living will is a crucial estate planning document. This document can help people of any adult age let their wishes be know if they were to become incapacitated or unable to make decisions for themselves. This is different from a will or trust in the fact that it acts while the person is still living. It would instruct family and doctors on what to do during certain medical situations. Would a person like to have life-sustaining or saving measures performed on them if their heart stops or they stop breathing.
A man in another state surprised two unsuspecting strangers when they found out the man had willed them his entire estate. The two actors had never met the man who bequeathed his estate, but they will be receiving checks for approximately half a million dollars each after the estate is sold off. The man had no family, and may have been a big fan of the two actors. He also left $5,000 to a humane society.
The heirs to a major tobacco fortune have complained of not being able to pay their expensive tuition, while they await turning 21 years old. At that age, a trust will give them access to a $500 million fortune each. The two twins say they have been suspended from school because the trustee for the children never paid the tuition.
A family member was left out of the will. This can be a startling revelation after a loved one passes away. There are many occasions in New Jersey when one family member receives nothing from a parent or other relative after their passing. While this might seem like an insensitive way of posthumously destroying a relationship, the intentions of the family member who died may have been good-natured.
The saying goes "young, dumb, and in love." While a better variation of that saying might be "young, impulsive, and in love," the varying truth behind the statement should make all those who are young, impulsive, and in love think twice about some of the activities they may participate in if they do not yet have an estate plan worked out.