Typically when I sit down with new clients to discuss the creation of their estate plan, the discussion revolves around the two most common options - Last Will & Testament or a Revocable Living Trust. The best option will usually be centered upon the estate size, individual goals and family dynamics. Most families sigh a sense of relief once all the decisions are made and their plan is executed. For some, these decisions have been weighing heavily on their shoulders for some time, and they finally made it a priority. However, once the plan is executed, are there any other decisions that could be made? The answer is - Yes.
Who gets your ‘stuff’ after you die? That is, the personal possessions without titles or policy numbers. For example, the furniture, paintings, jewelry, golf clubs, etc. What I find all too often are families telling me that “their kids get along and will figure it out when the time comes.” Unfortunately, what typically happens among families is the total opposite. When the surviving parent passes away, the ‘stuff’ is often fought over between the children. These fights over the ‘stuff’ can leave families divided forever. In extreme cases, the families end up in court fighting over the tea cup collection and wasting thousands of dollars in the process.
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!
Why Choose Morris Hall:
You have a number of options when it comes to estate planning, so why pick Morris Hall? First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters. Also, MH is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones. We are one of only two firms in Arizona that belong to the AAEPA and are the only firm in New Mexico that has been granted membership. If you have assets and loved ones that you want to protect, you are in good hands with MH. Contact us today at 888.222.1328 to schedule an appointment!
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.