Many of us love to make New Year’s resolutions. So, if estate planning is on your resolution list, here are some suggestions for getting started, no matter what you do or don’t have in place now.
I’m thankful that my kids got most of what they wanted for Christmas from my ex and me growing up. The same went for my second husband’s kids. And it wasn’t because we went on a shopping spree to fill their wishlist to Santa. What we gave them didn’t cost a dime. And that was the gift of choice.
As an elder law attorney, I frequently advise adult children who suddenly realize that they must step in to help their aging parents. Perhaps mom is not making sound decisions regarding her medical care, or Dad is showing signs of early dementia. Unfortunately, many seniors are reluctant to plan for this possibility or even discuss it with their close family members. When families delay talking about these matters, the results can be stressful and costly. Failing to preplan can have serious consequences both while an elder is still alive and after they have died. Unfortunately, once a family realizes they urgently need legal documents to help an aging loved one, it’s often too late.
There is one guarantee in life that none of us can escape: We will all die someday. If we’re lucky enough, we’ll do this when we’re old, slipping peacefully away in our sleep, but inevitably, it will happen to each of us. Unfortunately, too many of us pass away without leaving a will or other instructions to our loved ones to speak for us when we no longer can, and this can cause hardship and stress for friends and family at an already difficult time.
It’s the question Phil Collins posed in court last month after his ex-wife, Orianne Cevey, and her new husband, Thomas Bates, refused to vacate the singer’s Miami Beach Mansion, estimated at 40 million dollars. Vanity Fair reported that although Collins holds the property in a company owned by him, Cevey claims she has an ownership interest. Taking legal matters into her hands, Cevey and her new hubby have denied her ex-husband access by changing the locks and alarm codes and otherwise blocking Collins and his representatives from entering.
COVID-19 infections are surging here in Washington and across the U.S. Experts predict infections will continue to rise, and many more people will become ill and require hospitalization in the coming months. CNN states more than 60,000 American’s will die from COVID-19 over the next few weeks. Therefore, it is crucial to protect yourself and prepare in advance if you become ill and unable to care for yourself. And the best way to do that is to put together a COVID-19 emergency packet as part of your estate plan.
When preparing for marriage, it’s easy to get caught up in planning the wedding. Picking the venue, the flowers, the band, and whether your guests will choose the steak or chicken for dinner. You may have even begun to look for a home together, one with a fenced-in yard where your future children can play. Who wouldn’t like this picture; it’s all so… perfect. It’s why the last thing you might be thinking about is a prenuptial agreement and planning for divorce.