Probate is not the end of the world, but it can be pretty aggravating.
Posts Tagged: Inheritance
Estate planning is one of the most difficult aspects of personal finance. As humans, we tend to procrastinate on dealing with our own mortality and often focus on seemingly more important issues facing us today. However, estate plans play a significant role in reducing frustration for loved ones, especially in the digital age. While most people realize that estate plans should be created to help distribute physical property such as real estate or jewelry, there is a growing need to consider intangible property.
Some sobering thoughts from the Great White North.
Keep? Sell? Toss? These three options are ammo for the battle when clearing the family home after a parent leaves it.
As we spend more of our lives online — banking, collecting credit card rewards points, playing virtual reality games, creating photo albums, emailing, tweeting — it’s increasingly important to consider how beneficiaries can access those accounts and any assets they hold, once we’re gone.
Children almost always interpret unequal inheritances as an expression of unequal love, and giving one child more than another may cause resentment.
They are in their 50’s and 60’s, they are probably inheriting from financially conservative parents, and they are dealing with deep emotional reactions.
A sudden windfall can be a blessing or a curse. It pays to structure inheritances carefully so that the people we intend to bless will be blessed indeed.
The good news is, these folks have plenty to fight over and the lawyers are going to make a ton of money. The bad news is, when people fight over estates, the lawyers often end up being the only winners.