Downs Law Firm, P.C.
I admit that this question stumped me. It was not so much because of what you are asking, but rather why you are asking it in the first place. I’ve tried to come up with a scenario why someone would want to change their will temporarily, but I have come up blank.
There’s a lot of prep work to complete when you’re expecting a new baby. Expectant parents have a nursery to paint, strollers to buy, doctor’s appointments to attend, and nannies to hire.
Generally, when settling an estate, debts and expenses are paid first, charitable and spousal transfers follow, and applicable estate taxes are levied afterward.
Unfortunately, credit card debts do not disappear when you die. Your estate, which includes everything you own–your car, home, bank accounts, investments, to name a few–settles your debts using these assets.
Congratulations, you have finally signed your estate planning documents. Now, where do you keep them?
In my parents’ trust, they leave each other their share upon death, and then I become trustee when my last parent dies. I’m really concerned about this whole deal.
Let’s face it: mortality is hard to think about, and death is impossible to plan for. What is doable, however, is getting affairs and assets in order to prevent loved ones from inheriting a headache and legal fees in the event of an incident.
I have a sister, who I have not seen or heard from in 40 years, when she said she hated all of us and never wanted anything to do with us again. She even gave up her 5-year-old son for strangers to adopt and would not let my parents adopt him.
Five years after John Thomas died, his family is still embroiled in a court fight over his estate.
Parents are often more than happy to offer financial advice to their children. They like to feel needed and want to make sure their children are on solid financial ground. However, it’s important to turn the tables and ask about their financial plans, too.
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