As a follow up to a recent War Story Wednesdays post, below we’ve included the most likely scenario for how this estate planning dispute could play out.
OPTION A: Successor Sally would most likely prevail. The fact pattern says that Don carefully planned his estate, and only wanted to name Sally as sole beneficiary, so it does not appear as though there was any undue influence in creating his will. Also, Don was never married to Carol, so even if Don’s will was found to be invalid, Carol is not an heir at law.
OPTION B: If Carol was considered a tenant, she may have some recourse regarding her rights as a tenant, if and when her lease is terminated if not done properly.
The moral of the story here? Estate planning isn’t only for the wealthy — it is the ultimate love language in order to keep your loved ones and your assets protected when you can no longer do it yourself.
- Prevent your wealth from going to unintended beneficiaries.
- Ensure your children are taken care of, especially young children.
- Spare your heirs a considerable tax burden.
- Eliminate family messes when you’re gone.
Millennials: even YOU have to start considering estate planning these days. That’s right. Even if you don’t yet have children, own a home, or own any other major assets, consider the following:
- What do you want to happen to your social media profiles when you kick the bucket?
- What about money you have stashed away across different money management apps?
- Who will take care of your pets?
In this new age, there are a handful of new concerns that previous generations didn’t have to consider. Facebook and Instagram were down all day today, and based on the responses seen on Twitter today, one would have thought we had just witnessed the apocalypse. It’s officially time to start thinking about what you want to do with your digital assets, and who you want to handle them on your behalf, when you’re gone.