Friday, June 19, 2015

Show Your Kids Your Will if You Want Them to Inherit Your Wealth

NEW YORK (The Street) -- Some 56% of American parents have a will or living trust document, according to a new Caring.com survey, but 52% of adult children don’t know where their parents store their estate planning documents. That can jeopardize the appropriate allocation of assets to heirs.

"Being uninformed about documents or worse, not having them at all, can wreak havoc on a family’s emotional and financial well-being," said Andy Cohen, CEO of Caring.com.

That’s because incapacitation can happen over night or gradually overtime due to Alzheimer's, dementia or sudden disability.

"Accidents happen and illnesses befall us with little or no forewarning," said Martha Laham, author of The Con Game: A Failure of Trust (Lulu Publishing, 2014). "An aging parent should furnish formal instructions to loved ones to make surrogate decisions. If not, family members could be left in a quandary, which could lead to arguments or uncertainty over how best to handle a particular situation."

"Accidents happen and illnesses befall us with little or no forewarning," said Martha Laham, author of The Con Game: A Failure of Trust (Lulu Publishing, 2014). "An aging parent should furnish formal instructions to loved ones to make surrogate decisions. If not, family members could be left in a quandary, which could lead to arguments or uncertainty over how best to handle a particular situation."  (Continue Reading)

Full Article & Source:
Show Your Kids Your Will if You Want Them to Inherit Your Wealth

5 comments:

Anonymous said...

And add a clause in the will that if any of the kids contest, he/she will be disinherited.

Finny said...

It's important to sit the kids down all at the same time and explain exactly what you want. Film it. And have them sign a contract that they all heard your wishes and will abide by them.

Keith said...

I think almost any victim of guardianship abuse would rather have their children stealing from them than professional guardians. Sad world.

Anonymous said...

All of it means nil zero , nothing . The judge with help of all the cronies laugh at the instrument you had made . Let anyone try to defend it or you , they will be disbarred if an attorney , lose their medical license for trumped up charges. , the rightful heirs are always made out to either be exploiters , crazy ....anything that will serve the purpose of the assets going to the corrupt predators .

CLARENCE LANDIS said...

Anonymous is 1000000000% correct. Corrupt county probate court to corrupt county probate court across the USA and beyond this is how it works...my sister and I were by Dad's agents- successor trustees, POA, Advanced health care POA, executors, heirs, and even his POA nominated us as conservators should a conservatorship be necessary...yet we were crazy, attempted kidnappers, you name it. What we were was in the way, fighting for our Dad, looking out for his best interests, etc. When you are in the way of greedy hands trying to grab up what is not theirs, you are a nutcase. Amazing how cookie cutter it is everywhere the same. The maddening part is how people in the "real world" who are unaware are quick to believe you are the bad guys and the courts must be the good guys. I will admit, before all this happened, if I heard on the news that the child protective services took a child from their parents home, etc....I know I thought (what little thought I even gave such news) oh the parents must be bad or done something wrong or they would not take the kids. DUHHHHHHH. But that is the mindset...family bad, etc.