Prior to further addressing 'Common mistakes made in IRA planning' with part two, we will be discussing current events that demonstrate for us the need for preparation for the unanticipated.
While the likelihood of a snow storm in Georgia is quite low, the latest to hit the upper Midwest and the amount of damage caused, is just another example of the importance of being prepared when the unexpected hits. Are you or those whom you love prepared in case the unforeseen accident or catastrophe should occur?
Events like these which tend to facilitate even more accidents and fatalities highlight our need to have a proper plan in place should we ever be involved in crashes caused by weather or just simply human error. That is why it is essential that people think about and prepare an estate plan should something ever happen inadvertently.
Creating a will, trust, or estate, helps mitigate the likelihood of further hurt and grieving by loved ones by ensuring that one's material possessions pass on to those they are intended for. It also helps to make sure that the creator of the will rather than the courts is able to dictate the passing of one's wealth.
Without a will, the courts usually become heavily involved and relational discord can occur due to false expectations of potential beneficiaries. That is why planning carefully now is essential and while no guarantee to preventing court involvement or false expectations; it can greatly reduce these potential outcomes. It is also a good idea to discuss where your estate plan is and if comfortable, some of the details with your family in order to help frame expectations and ensure that others know where to find your last will and testament.
Source: Fox News, "Blizzard conditions cause more than 600 crashes in Minnesota," Dec. 10, 2012