Benjamin Franklin once said “In this world, nothing is certain except death and taxes”,, yet many Americans have not planned for what happens when they pass. But planning for this, even if it is unpleasant to think about, allows you to protect your family. A recent article, “P
rotect your legacy, protect your family — It's never too early to start estate planning” from the Financial Post, looks a few situations that cause families to suffer when they face them.
According to the article, not having a will, only having a partial estate plan, nPorteot naming a guardian, executor and trustee, and not having a business succession plan in place, can cause family dysfunction. Not only that but failing to do any of the above can make your loss even harder on your family and result in them having to go to court on top of having to process their loss.
Even if you have all this in place, there is one more thing the article looks at that cause issues, not communicating your wished to your family. Parents often think that their child will just blindly follow their wishes. But even siblings, and other family members if you don’t have children, who receive equal distributions can fight over who got what. People don’t always see equal as fair. It is important to talk to your loved ones about what you decide to help avoid fights and arguments after your gone.
Reference: Leathem, J. (2021). Financial Post. Protect your legacy, protect your family — It's never too early to start estate planning. https://financialpost.com/personal-finance/family-finance/protect-your-legacy-protect-your-family-its-never-too-early-to-start-estate-planning