You may have seen the latest regarding Aretha Franklin's estate. The Queen of Soul passed in 2018, and years later, her loved ones are still caught in legal trials thanks to the existence of multiple wills. As heart-wrenching as this may be for her loved ones, it does highlight a universal truth: setting up a clear and thorough estate strategy can help families manage stress and legal battles after we're gone. Most of us do not want to spend a lot of time thinking of our own demise. I know I don't. And yet, Harold and I have thoughtfully created our estate plan with a trusted attorney. Some say estate planning is all about getting the right assets to the right people at the right time. I'm sure we all know horror stories of estate planning gone wrong. Maybe not to the level of Aretha Franklin's, but I've known young people who inherited too much, too young and regretted their own decisions decades later. How about the ex-spouses who inherited an IRA when their former spouse died? All because beneficiaries were not kept up to date. When the eldest generation passes away, this is a time when families might fracture. Childhood sibling rivalries have been known to show back up. We remind our clients of this fact, particularly if they want their adult kids to remain close after the parent is gone. A well written and thought out estate plan can play an important role in preserving relationships between siblings and other family members. Estate conversations take time, sensitivity, and care. We are often brought into those conversations with clients and their estate planning attorney. We help them think through the values they wish to pass on long after they are gone and we help them make plans to get the right assets to the right people at the right time. This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation. Bleakley Financial Group and LPL Financial do not provide legal advice or services. |
Everyone Needs an Estate Strategy
