Estate Planning and Probate

Estate Planning and Probate

1 Pages · 2011 · 29 KB · English

Estate Planning and Probate I once had a 14-year-old client whose 42-year-old father had died suddenly. Her parents were divorced and relations between them were very

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Estate Planning and Probate I once had a 14-year-old client whose 42-year-old father had died suddenly. Her parents were divorced and relations between them were very hostile. My client was disinherited by her father; he made his sister the beneficiary of his life insurance and put her on his bank account. The father may have intended that his sister use the money for his daughter’s benefit, but that did not happen. This young girl’s sad case clearly illustrates the importance of making plans for death or incapacity. We never know when we will be taken or struck down, so advance planning is crucial. Random violence, a devastating accident, or a natural catastrophe can happen at any time to anyone. Unexpected is implied by “random” and “accident.” People do not make plans for a fatal car crash or a tornado. They just happen. You cannot assume that your surviving family will carry out your wishes if they are not in writing and properly signed. There is no such thing as “simple” in estate planning. Even a document as common as a will or a deed can have far-reaching consequences. I am often asked how much a “simple will” or a “quit-claim deed” would cost. Such documents are inexpensive to prepare–many times they are prepared without the assistance of an attorney–but the cost can be horrendous if they are not used appropriately. Even a very small estate can turn into a nightmare if the wrong documents are used.

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