When I sit down with new families to discuss their estate planning options, it’s important that we have a discussion about their personal possessions without a title or policy number attached to them. That is, a discussion about the golf clubs, paintings, furniture, jewelry, coin collection, tools, books, etc.
Usually families share with me that they feel their family will get along just fine after their passing, and that they don’t need to worry about specifying in writing who gets the ‘stuff’ before they pass away. Sound familiar? That would be great in a perfect world, however, I have experienced all too often that most families don’t live in this perfect world. After a death, and when money/valuables are at issue, families can be divided because the immediate family is in disagreement, or there is outside influence by the spouses, etc.
I understand that some families will not fall into this category, but I continue to share a few real life horror stories about families going to battle at the court house and spending thousands of dollars, for example, to decide who gets the $2.00 tea cup. Unfortunately, battling over ‘stuff’ after the death of a loved one can happen!
To avoid possible heartache and turmoil within your family, it is important to write down who will receive your personal possessions before you become incapacitated or pass away. Don’t assume everyone will get along after you are gone – write it down today!
Morris Hall Can Protect You in Today’s Litigious Society:
We live in a litigious society, where over 1 million lawsuits are filed every year in America alone. Financial predators are looking for ways to take funds from others and often use litigation as their means to do so. At Morris Hall we provide your assets and your loved ones with important protections that can prevent financial predators from taking advantage of you. We do this through proper and current estate planning techniques. With an MH living trust, we can also protect your property, assets and loved ones from probate, estate taxes, gift taxes, creditors, Medicaid spend-down, conservatorship or guardianship proceedings, ex-spouses and more. A living trust also keeps your asset and beneficiary information private and secure to avoid giving financial predators information to use against you and your family. Without a living trust, this information will be made public. For those living in Arizona, we serve the areas of Phoenix, Mesa, Gilbert, Fountain Hills, Scottsdale, Cave Creek, Prescott, Flagstaff, Sedona, Tucson, Sonoita, Arrowhead, Avondale, Goodyear and Tempe. In New Mexico we serve the areas of Albuquerque, Santa Fe, Las Cruces, Rio Rancho, White Rock, Alamogordo, Truth or Consequences and more. Contact us today at 888.222.1328 to schedule an appointment with an attorney in your area!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.