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.
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.
Tom Petty famously got his start here in Florida, so many here have avidly followed his career and took great pride in his successes. We also mourned when he died in 2017. While some time has passed, the Petty estate is now in the news because the rocker's second wife, Dana Petty, is involved in a dispute with Petty's daughters Adria Petty and Annakim Violette from a previous marriage.
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.
Assigning power of attorney duties in an estate plan is a wise decision to ensure someone you trust has authority to make financial decisions on your behalf. However, circumstances change over time, and there may be reason to reassess your power of attorney appointments.
Many people are involved in collecting, whether it is comic books, dolls, figurines or sports memorabilia. Most of them make an effort to take care of their collections, maintaining the original packaging or even keeping the items in a climate-controlled area. Yet far too few collectors actually plan for how their collections will be handled once they die.
A pet can be one of the most important members of your family. As such, it is important to make the necessary preparations for your pet in the event of your death.
We often discuss the various options people have to keep details of their estate private when they pass away. One of the most common solutions is to have a trust set up and properly funded.
Whether you are a parent who just had your first child or someone focused on retiring, having an estate plan can be critical. However, too many people put off creating one because they are unsure of how to get started or overwhelmed by the process.
Recently, legendary singer Aretha Franklin passed away. And almost as quickly as news of her death spread, reports that she died without a will or trust spread as well.