One of the most important things one must do is a proper estate plan. My rule of thumb is that as soon as you have property (money on deposit, investments, real property etc.) or have kids, you need to have a will. It is truly shocking how many people don’t have their affairs in order.
Let’s face it, planning for your demise is not at the top of everyone’s to-do list. Most people say, “I know, I know, I really should do it…” but never seem to want to take the time or spend the money to draw up a proper estate plan. Let’s see, we spend money to care for and maintain our motor vehicles, we have house insurance in case of burglary or some unfortunate plumbing disaster, heck, if you add up that coffee we buy every morning – you’re likely spending more on coffee in a year than you’d spend to protect your assets and the well-being of those you love in the event that something happens to you.
I had the opportunity to speak at a national conference in Vancouver with my associate Adamo Paniccia this past weekend. We gave a two-day workshop on the Legal Ramifications of Major Life Events: Surviving Death and Divorce. My sessions were geared to living wills, powers of attorney and the key elements of estate planning. Adamo talked about matrimonial property and pension division. Every time I speak on estate planning, I aim to educate and invariably dispel the many misnomers people have about what happens if you don’t have a will, or powers of attorney in place.
Check back with the blog from time to time, and we’ll continue to put articles about estate planning, among other things, that may be of interest to you. In the meantime, you can check out this link to an interesting article I came across this morning:
Wills: How to Give One Child Less http://online.wsj.com/article/SB10001424053111903648204576554620047917688.html?mod=WSJ_PersonalFinance_FamilyFinance