Boca Raton Estate Planning, Probate & Real Estate Blog

The legendary Aretha Franklin died last August, leaving an estate worth an estimated $80 million. At the time, her lawyer said that there was no will, which prompted the singer’s four sons to battle over money and control of an estate that will continue to generate millions of dollars well into the foreseeable future.

Then a search of her suburban Detroit home in May of this year yielded wills, one dating from 2014 and two from 2010. Some papers were found under the pillow of a couch, while others were in a locked cabinet.

The divorce rate here in the United States has gone down in recent years, but still hovers above 40%. So, it should be no surprise that many out there drafting or updating estate plans will need to consider second or third spouses, stepchildren and other circumstances unique to a blended family.

We all hope that the second marriage is as harmonious and fun as the "Brady Bunch" or the "Yours, Mine and Ours" movies, but this is not always the case. If that is the tone currently, do not assume that it will remain so over years and changing circumstances.

It is important to plan for the ideal future, but to also have contingencies in place if (and when) the story deviates from the desired narrative. This is where estate planning comes in – it enables individuals and couples to plan for such eventualities as death as well as such potential issues as illness and incapacitation. While many assume that estate planning is for families with complex estates, it can be useful to nearly every family for avoiding potential legal issues, unnecessary expenses and other important matters.

It was about a year ago that we outlined three common estate planning mistakes. These were:

Estate planning involves a wide variety of options. Of course, one starts with the basics of drafting a will with the help of an attorney with experience in handling estate law issues. During those initial consultations, it may come to light that a revocable trust is a good estate planning tool to address the needs of the client.

Also known as a living trust, revocable trusts offer many benefits, most notably giving the person who establishes the trust (the grantor) the ability to modify or revoke the trust up until the day he or she dies. Once the grantor is deceased, the trust shifts to irrevocable to expressly carry out the goals and guidelines it was set up for.