Will the ‘complications of life’ continue after your passing?

In the not too distant past, the media covered, in great detail, the unexpected passing of a rock musician. We became keenly interested after reading an article about what would likely happen next. This musician’s estate has been initially valued at $300 million, a value that will apparently significantly increase due to his passing.

It also appears he did not have a will or trust.

As a result, he gave up all control over where his estate will go and how it will be divided. The government will now make those decisions. Some have predicted that the government will take over half the value of the estate in taxes. Beyond that, his estate has incurred significant fees from the administrator that the court has appointed to oversee the estate.

Had he taken the opportunity to “plan when you can,” the outcome would have been very different. Most importantly, this musician could have made sure his estate went to the people he wanted to provide for.

Your estate may not be “rock star” large; but it matters. It is a representation of what you have spent a lifetime building. It is also a means by which you may be able to bless the lives of those you leave behind. 

Do not assume that the “right thing” will happen when you are gone. Even if your family knows what you considered to be the “right thing,” they may not be able to make it happen. That option may have disappeared with your passing. 

Just as importantly, do not assume you will be able to take care of the issues sometime in the future.

Garrett Forsgren is a local attorney who provides free estate planning presentations. His office can be reached at 970-245-8021 or .(JavaScript must be enabled to view this email address). Steve Wright is an attorney in Idaho Springs, Idaho.


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