As you already know, but may not have given much thought about, the most important inheritance you provide is so much more than the money you'll leave behind, but also includes your wishes, insights, stories, and experience. That's why, this year, we invite you to ask your loved ones the 32 important questions that can reveal a wealth of valuable life lessons - family treasures to discuss and share with generations to come.
The pandemic has caused Americans to change their behavior in different ways, and one of the most positive of these changes is related to estate planning. While many people said that the pandemic inspired them to see a greater need for creating an estate plan, others still don't think that estate planning is important. But as we've outlined here, not having an estate plan can be traumatic and costly for both you and your loved ones, who will be forced to deal with the mess you've left behind.
Estate planning is not a one-and-done type of deal. Even if you put a totally solid estate plan in place, it can turn out to be worthless for the people you love if it's not regularly updated. No matter who you are, your life will inevitably change, and your plan should continuously evolve along with your life circumstances and other changing conditions. In the absence of any major life events, we recommend reviewing your estate plan annually to ensure its terms are up to date.
If you are a single parent, life for you right now probably couldn't get any busier. You are likely being pulled between work, school activities, and home - and the inevitable emergencies that fill the lives of single parents everywhere. It's a huge responsibility, even if you do share time with a parenting partner, and especially so if you don't. Regardless, as a single parent, your children's lives are now largely in your hands, and the best way to protect them is through estate planning.
Although DMX was successful in music and movies, the rap icon experienced serious legal and financial problems. His story proves that regardless of your financial status, planning for your potential incapacity and eventual death is something you should take care of, especially if you have children. The saddest part of this whole situation is that all the conflict, expense, and trauma that DMX’s loved ones are likely to endure could have been prevented with comprehensive estate planning.
Legendary hip hop artist Earl Simmons, known as DMX, passed away at age 50 after suffering a heart attack. Despite selling more than 74 million albums and enjoying a wildly successful career in music and movies, DMX, who died without a will, left behind an estate that some estimates report being millions of dollars in debt. With so much wealth and so many children, his failure to create an estate plan will likely mean his loved ones will be stuck battling each other in court for years to come.
If you're like most people, you most likely own numerous digital assets, some of which may have significant monetary value and some which have purely sentimental value. You may also own digital assets which hold no value for anyone other than yourself or have a certain digital property that you'd prefer your family and friends not access or inherit when you pass away. To ensure all your digital assets are passed on according to your wish, you must adapt your estate planning strategies.
Recent advances in digital technology have made many aspects of our lives exponentially easier and more convenient. But at the same time, digital technology has also created some serious complications when it comes to estate planning. Without the proper estate planning, just locating and accessing your digital assets can be a major headache—or even impossible—for your loved ones following your incapacity or death.
As we head into the peak of wedding season, if you are a newlywed or are about to tie the knot, add "estate planning" to your do list. And yes, we imagine that at this happiest time of your life, planning for your potential incapacity and eventual death is probably the farthest thing from your mind right now, but getting it handled as part of your wedding planning is the greatest gift you can give your soon-to-be spouse.
Planning for your potential incapacity and eventual death, regardless of your financial status, is something that you should take care of immediately, especially when you have children. While Aretha lived a relatively long life, you'll never know when tragedy may strike, and through diligent estate planning, you can save your family from the needless disputes, expense, and embarrassing public exposure the late singer's loved ones are currently enduring.