Welcome to the Celebrity Gossip edition of Step Away from the Mall! If you haven’t figured it out from any of my posts involving estate planning, you need to plan for your inevitable death. I know it sucks and I know it’s not something you like to think about. But if you care about anyone, you should make a plan that survives you. The last thing you want is for you to die leaving your family to clean up your mess. That involves a financial plan and updating it as your world changes. Don’t believe me?
Well take a look at what happened when Heath Ledger passed away. Smartly, he had a will leaving everything to his parents and sister. Unfortunately, he later had a daughter but didn’t update his will.
Please learn from him. Talk with someone who knows how to draft a will. See an estate planning attorney or, if you’re comfortable, do it yourself. But be sure you follow the state’s rules very carefully. And be extra careful about how your will is worded so you make sure your wishes are observed. Have two kids and are thinking about having more? Maybe you design it to divide assets among your “kids” equally instead of “50/50 Kid1 and Kid2.”
Obviously this isn’t a substitute for good legal advice, but is just to illustrate the points that:
- You need an estate plan; and
- You need to update an estate plan as your life changes (you don’t want to be in a position to ask this question).
Got it? What are you waiting for?!?! Anyone put an estate plan together recently? Pass along your thoughts on the process, costs, etc. to help your fellow readers. It’s really not as tough as it seems, right? And if there are any tricky issues, like do kids to go my sister or your brother, don’t let that stop you from getting the rest of the plan together. Perfect should not be the enemy of good.
Until next time, put your credit card down and slowly step away from the mall!
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