In recent years, a growing number of people are drafting wills and living wills, which name agents to handle their medical care decisions if they become incapacitated. Perhaps, the deaths of entertainers like George Michael and Prince who died without wills has really hit home for the generation that grew up idolizing these superstars. Starting the estate planning process is usually more life-experience driven, but many people do not realize that an unexpected accident can occur at any time, and without a plan, these effects can be devastating to your loved ones. When starting the estate planning process, you should get familiar with your local laws because estate and probate rules vary from state to state. Always keep your wills updated to your current circumstances, which includes crosschecking the beneficiaries on your investment accounts. Most importantly, you should discuss these estate plans with those that matter so that your wishes are carried out with ease.
See Janet Morrissey, Wills Can Avert Family Welfare, but Have Their Own Hidden Traps, N.Y. Times, April 21, 2017.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
