Every now and then I will write a post about a celebrity who has passed away, and whether or not their Estate Plan was effective (if there was a plan in place at all). While the Estates of the rich and famous are significantly larger than most of my clients, the lessons that are learned from their mistakes are important to note.
This is not a complete list by any means; my hope is that by reviewing some mistakes that have been made in the past, they can be prevented for you and your estate.
As I mentioned in a previous post, as a parent selecting a guardian for your children is one is the hardest steps in creating an Estate Plan. Even the thought of not being around to raise your children is enough to solidify the hesitation of creating an Estate Plan for many people.
Many parents begin planning for their child’s future even before they are born. An Estate Plan should be a facet of this planning. Because selecting a guardian can be overwhelming, I advise my clients to start small.
Make a list of traits that you want to have in a guardian, as well as a list of values that are important for you to pass on to your children. It also helps to rate the traits and values in terms of their importance to you. I recommend having each parent make his or her own list and then discuss them together.
Estate Planning and Probate Attorney, Manhattan Beach Local, Sports Enthusiast