Wills are typically read days after a death, which is typically too late to help people who must make immediate decisions. The best way to ensure your wishes are carried out is to create a separate document spelling out your requests. Tell your executor where to find it when the time comes, or better yet, give it to the executor before your passing.
Trusts and Estates
In today’s world, estate planning is not just for the elderly. You need to be prepared for any future scenario. While it might seem like a bother and inconvenience now, from my experience, I cannot stress enough the importance of preparing an estate plan and the time, money and stress it will save your loved ones.
Besides protecting your family from financial hardship, life insurance also can be an estate-planning tool to transfer large sums to your loved ones free of estate tax and at little or no gift tax cost. This can be done using a life insurance trust. Life insurance trusts incorporated into estate planning can have significant current and future use in a wide variety of individual circumstances.
Oscar-winning actor Philip Seymour Hoffman’s tragic death offers a lesson in estate planning mistakes to avoid. He left an estate reportedly worth $35 million to the mother of his three children, but due to improper planning, she is likely to face a multimillion-dollar tax bill, according to estate-planning experts who reviewed the will. Hoffman’s will was reportedly drawn up in October 2004 when he only had one son, prior to the births of his two daughters.