Our Estate Planning Blog
A will or trust explains what you want to have happen to your assets when you die, hopefully in a very, very long time. While most people understand that a will explains what to do with money, property, and children, there are other parts you might be surprised by.
One of the most dramatic scenes in the movie, is the gathering of the Thrombey Family at their father’s estate to hear the reading of the will.
Running and owning a business is just like raising a child: Both are investments in the future, and both require a lot of time, resources and effort to raise successfully. One can argue that you would treat your business like you’d treat a child; you’d want it to succeed even after you’ve passed on or retired.
Estate planning is a systematic process, which involves getting your personal and financial goods for the time, if you pass away or become mentally ill. It is also known as last will, and almost everyone does this planning for their family.
These changes are so significant that every such plan holders should review their wishes and how their estate plans may be affected.
Few families, of course, enjoy talking about money. Introduce the idea of estate plans and inheritance—who gets what and why—and conversations often never get off the ground.
Even a close family can have quarrels and confrontations, but these conflicts tend to be more prominent within a blended family.