When the legendary singer Aretha Franklin died last August, it appeared that she had no will or other estate planning documents. Although her four sons would be her apparent heirs according to the laws of her home state of Michigan, Franklin's niece was named as the estate's executor.
No one wants their family fighting over their assets after they're gone. One thing that motivates many people to create an estate plan is the desire to prevent such battles. Indeed, by putting an estate plan in place while there's no question of your mental clarity, you can ease any concerns that you didn't understand what you were doing or were unduly influenced by someone else. However, besides not procrastinating, there are other things you can do to lessen the chances of a legal battle over your estate.
If you're a parent of adult children, you likely want to leave some of your assets to each of them. However, what if one of your kids has never learned how to be responsible with money? You fear they could blow through their inheritance, no matter how substantial, in no time rather than investing it or putting it towards their own retirement savings.
If there's one thing that you should know about estate planning, it's that it's never too early for you to do it. While it's a good rule of thumb to revisit your plans every few years to make sure that it continues to reflect your preferences, you'll also want to update your estate plan even more frequently if life circumstances change.
To those not involved in the legal or financial fields, estate planning feels like a monumental job. Because there are so many options for individuals in the Lynchburg area, they often put off the important process. If unexpected death or incapacity occurs, when there's no estate plan, families may be at the mercy of the Virginia judicial system to address finances and other important matters.
Estate planning in today's world seems very complicated to most people. Some estate plans include many complex elements, but it is not as difficult as you may believe to get started on setting up your plan. Many Lynchburg residents choose to start small in the beginning and then add any necessary additional elements as they learn more about the process.
There are many hopes a person may have regarding his or her retirement, including hopes related to financial security and a high quality of life. Many things can impact what retirement actually ends up looking like for a person. People approaching retirement age here in Virginia might be encouraged to hear that, according to a WalletHub report, the state may be a place particularly conducive to a good retirement.