Family Matters Financial Series Part 1

The purpose of the Family Matters Financial Series is to introduce principles and procedures associated with estate administration.

This series promotes estate planning to avoid pitfalls associated with facilitating the affairs after the passing of a loved one. My passion is to educate, empower and encourage discussion around the absolute necessity of a Living Trust, Will, and Financial and Medical Power of Attorney. Lastly, the series will provide a brief overview of the probate process.

The aforementioned documents are imperative components needed to avoid your estate from being tied up in the probate court system without specific distribution instructions of the remaining assets.

My objective is to encourage proactivity as opposed to reactionary energies regarding asset protection/estate planning.

Upon completion of the series, you will gain familiarity with basic estate planning concepts and terminology, including the will, trust, power of attorney and heir-property. Readers will also walk away with an understanding of the important connection between estate planning and effective real property ownership.

Let’s begin with some stories from Forbes, USA Today, and Billboard:
  1. On April 2016 USA Today displayed the headline, International beloved musician “Prince Dies without a Will sister says.”   

  2. In July 2002, Forbes published, “Michael Jackson’s Siblings Promise New Fight Over His Estate.” 

  3. In January 2003, Billboard magazine prints “Court Overturns James Brown Court Settlement.” 

What do these celebrities all have in common? The fact that estate planning could have helped to avoid litigation and family discord! Celebrity or not our affairs need to be in order to reduce stress and uncertainty.

Below is a list of 10 benefits estate planning can offer:
  1. Provide for your immediate family
  2. Property transfers quickly to beneficiaries
  3. Plan for incapacity
  4. Minimize expenses
  5. Choose executors/trustees for your estate
  6. Ease the strain on your family
  7. Help your favorite cause
  8. Reduce taxes on your estate
  9. Provide for people who need help and guidance
  10. Make sure your business continues smoothly

Hopefully, your awareness level has been increased and you are now open-minded to exploring how to begin putting asset protection into place for yourself and your family.

Stay tuned for the next topics of the Family Matters Financial Series over the next two weeks. In Part 2, we will discuss “Why do I Need a Will?” Then in Part 3, I will conclude with, “What is a Living Trust?”

-Kim



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