Not many people believe that their family or their loved ones could be the victim of undue influence. That is something saved for fiction that adds an exciting twist to a story.
Recently, fashion icon Karl Lagerfeld passed away at the age of 85. Among the many details of his estate, which is estimated to be worth $300 million, is the fact that Lagerfeld reportedly included his cat in his will.
After a loved one passes away, it can take a long time for friends and family members to recover. There is often grief to manage and difficult life changes to which they must adjust. Adding a lengthy probate process on top of all this can be overwhelming.
When someone passes away, loved ones and/or the courts will decide what to do with the decedent's properties, assets and liabilities. This can be difficult, but often, a person's estate plan will provide critical guidance. One particularly important point of guidance will be to assign someone to ensure a person's wishes are carried out properly. This person is the executor.
When people think about reasons why they should have an estate plan, they often think of protecting their assets and documenting their wishes. However, having an estate plan also plays an important role for loved ones. In fact, without an estate plan, many aspects of a person's death can become much harder than they need to be.
Every adult should have a will in place. This document can accomplish many goals, from establishing a person's wishes for asset distribution to making the probate process easier for loved ones.
After a loved one passes away, family members and friends can be dealing with considerable grief. Having to settle the person's affairs often makes this difficult situation even more upsetting, and many people don't know what to do.