A Brief Introduction on the Importance of Planning for your Future

In this day and age of the internet and do-it-yourselfers, it is easy to underestimate the importance and complexity involved in preparing your estate plan.  Planning for your death and incapacity is not a simple task to take on by yourself. Once you become incapacitated or pass away, you are no longer present to state your desires and ensure they are enforced. A Revocable Trust ensures that your wishes are laid out, and if done properly and clearly, enforceable along with tax planning and provisions to protect your estate. Therefore, it is of the utmost importance to have professional assistance when planning.  

We all know that every family operates differently and sometimes these differences can cause unnecessary stress and complication, having a well-recognized estate planning attorney like Elizabeth and her team can add a new perspective and create a voice of reason within the family dynamic. Not only is the family aspect something to consider but the legality of the provisions in your trust as well. Each state has specific regulations on what can and cannot be declared within a trust, this can make the process of planning even more complicated especially if you have assets in different states. Whether your assets are large or small hiring a professional will help maintain your desires and ensure you are being legally compliant in these goals.  

Holographic Will Found Months After Aretha Franklin's Passing

Aretha Franklin’s passing during the summer of 2018 left her children in a state of despair, revealing that Franklin had no proper will or trust to distribute her wealth. It was estimated that her ownership in real estate is worth nearly $80 million and yet there was no preservation/ distribution plan in action. Her case was sent to a Probate court in Los Angeles where a judge was set to make the decision on how to distribute the wealth she worked her whole life for. Franklin left behind four sons, all of whom anxiously await the decision of a stranger to determine their financial future and their mother’s legacy.  

As the family anticipated the hearing, it was revealed in early May of 2019 that a holographic will was located on the premises of Franklin’s home. Under investigation of the found drafted will, it was stated Franklin wanted her son Kecalf to be the executor. However, it appears that he may be unfit to do so. After bringing in a handwriting expert, the court deemed the will in fact be the late Aretha Franklin’s. The Franklin family, despite having Kecalf stated as the executor has decided to name him and Franklin’s niece, Sabrina Owens co-executors. 

Life after losing a loved one can be daunting and may bring about internal conflicts and confusion. It is necessary that individuals of all financial backgrounds ensure certainty by planning appropriately for what the future may hold. Tresp Law has expertise in establishing that security for you and your loved ones. With an extensive repertoire of experience, Elizabeth and her team can guide you in making life’s important decisions that are often neglected. We understand that this process can be stressful and emotional, therefore it is of our utmost priority to plan with your optimal desires in mind.  

https://www.forbes.com/sites/markeghrari/2018/10/16/aretha-franklin-left-an-80-million-estate-and-no-will-heres-why-that-matters-to-you/#40cae9015375