It may seem as though celebrities have so many people available to help them that there is no way they could possibly make mistakes when it comes to something as important as estate planning. However, as highlighted by a string of celebrity deaths over the last decade, major estate planning mistakes do happen in the lives and deaths of the rich and famous. This post will look at a few of the high profile stories that should offer Warrendale residents a cautionary tale on how to approach and work with their estate plans.
The birth of a child can throw even the most organized and level-headed Warrendale residents into a complete tailspin. From the overwhelming amounts of love and stress that accompany the arrival of a new baby, planning for one's demise can seem like a morbid and even inappropriate thing to do. However, when a new family member joins a person's life it can be imperative that the individual revises his estate plan to ensure that the new addition is property accounted for when the planner passes.
It is astounding just how many possessions and assets an individual may amass over the course of his lifetime. Even a relatively young Warrendale resident may find himself the owner of a home and a car, some bank accounts and a retirement plan, life insurance, securities, and other items of value that may or may not take up physical space in his residence. If he is married and has children he may wonder just what will happen to those items and assets in the event that he passes away.
Death, though inevitable, is a scary prospect for most Warrendale residents. Many people mourn the fact that they cannot do everything that they want to do in any given day, let alone think about the time when their lives will come to absolute ends. However, despite their good thoughts and attempts to distract themselves, all individuals will someday have to face their own mortality.
It can be difficult for Pennsylvanians to get past the challenges that present themselves each and every day. Just getting through the workday, spending time with family and taking care of home projects can be enough to fill the hours that pass during any given week. However, simply living from day to day without much planning for the future can be a costly mistake when it comes to managing one's end of life estate.
When planning an estate, one tip that people hear over and over is to avoid probate. Probate can be a lengthy and potentially expensive process of distributing property after someone has passed away. It can also be a stressful time for the family of the person who passed away, which is why many people look for ways to avoid it.