Murderer inherits victim’s estate

He who loses wealth loses much; he who loses a friend loses more; but he that loses his courage loses all.

- Miguel De Cervantes

Yes, it’s true. I saw this story at the end of last week, and I’m just as horrified as the next person.

http://www.nypost.com/p/news/local/richest_con_in_the_can_dtw5Nf7ilQ9KhzuSXPDeQK

But it’s looking like this will be a completely legal transfer, and would abide by the law. But as Charles Dickens famously wrote in Oliver Twist: If the law supposes that, then the law is an ass.

Now it’s obvious that this is a special kind of “bad situation”, which I highly doubt you’ll ever encounter … but is your estate plan an ass?

[Forgive the salty language there, I'm going with the Dickensian motif, and perhaps getting carried away!]

The reason I ask, is that I’ve seen wills and estate plans which are completely blind to the realities of human frailties, just like this sad story.

Even worse, they’re blind to the positive traditions and assets which you want to establish for your family line.

When I see story after story like this, I’m reminded of why having a good estate plan is so much more than avoiding the “estate tax”.

[This article may "preach to the choir" for most of our existing clients, so it's a very good idea to share with friends ... or, to use this story I mentioned above as a cautionary tale to have you take a hard look at your succession plans in particular, and update your estate accordingly, with our help.]

Why You Need An Estate Plan NOW

Most of us spend a considerable amount of time and energy in our lives working for our families and accumulating wealth.

But unless you’re careful, all of it will be going to waste.

That’s why a well-crafted estate plan is so critical. It ensures that your hard-earned wealth (including intangible, non-financial assets) can pass intact to those you intend to be your beneficiaries, instead of being siphoned off to government processes and bureaucrats or even being lost. We all dislike handing over our resources to those who don’t have our best interests in mind.

Our estate plans guarantee that this will NEVER happen to your family!

“But Rowel, what happens if I don’t create an estate plan? Doesn’t the judicial system have easy steps in place for families?”

Yep, and it’s called “probate” (Latin for “prove the will”), and it’s an ugly process.

You see, “probate” guarantees government interference in how you transfer your estate (however large or small). Documents must be filed and approval must be received from a court to pay your bills, pay your spouse an allowance, and account for your property. Oh, and even worse–it all takes place in the public’s view.

If you fail to plan your estate, not only do you lose the opportunity to protect your family from an impersonal, complex governmental process (that is a burden at best) but it’s slapped across the public domain for all to see.

Then, of course…there’s taxes. You think the government is incentivized to keep those low on your behalf? There’s a variety of solutions for each family’s particular situation…but the plain fact is that working without a plan is U-G-L-Y no matter how you slice it.

When it comes right down to it, planning is a gift for your family (the people you love most) because if you don’t take care of things while you are living and able, they’ll have a mess to clean up when you are gone.

Next week, I’ll give you a very simple tool, which will help you put a good plan in place.

But, if you want a head start (and I don’t blame you), send me an email, or give us a call: (909) 843-6427 — and we’ll get this process started for you.