Alot of us remember Marilyn Monroe, a Hollywood icon and the subject of all kinds of speculation about her life, both personal and as an actress. She is still one of the most famous people ever to grace Hollywood, and her likeness is readily recognized around the world. What most people don’t know is that for all the wealth she amassed, none of it went to her family, her favorite charity, or those she loved.
Have you ever wondered what happens if you die without an estate plan? Have you thought about all of the energy spent during your lifetime to maintain privacy and protection as it relates to your business affairs, finances or your children, and wondered what happens when you are gone? These two questions are actually related because the state you live in has a plan for you at your death, and it doesn't necessarily include the protection you would desire for your business, finances or your children.
Many of the people who talk to us about estates and trusts are children who have been accidentally disinherited by their parents. This sometimes happens because of procrastination, but is often the result of misunderstanding how the law works. The manner in which we own assets during life, governs who will ultimately receive those same things after our death. When you couple that with procrastination and a fundamental fear about discussing these issues with a lawyer, bad things happen.