Imagine a hard working man who is driven every day to provide for his family. He gets to work early and leaves late to make sure his boss knows he is the best worker on the job. Despite his devotion to work, he finds ample time in the evening and on the weekends to be at the kids soccer practice and volleyball games.
I have seen people like this who were doing everything right but ended up being in the wrong place at the wrong time and having their life end way too soon, long before the kids have graduated from high school or college. I have had to work with the widows to get the estate plan in place after their husband has gone.
The real tragedy comes as we settle the deceased’s estate assets and the widow finds out that even though she knows her husband would have wanted all of his assets to go to her upon his death so that she could make ends meet and provide for her children, parts of the assets are instead put in blocked bank accounts and can be only used for specific purposes. Had the husband and wife taken the time to put wills in place, this kind of situation could have been avoided.
Some people think that if they don’t have a large estate yet they should wait to do their estate plan. This couldn’t be further from the truth. Things such as guardianship provisions are very important for a young couple to put in place to make sure their children are taken care of the way they want if they were to have an unfortunate accident.
Other people don’t realize that work benefits and future inheritances can end up not going to the ones you love because a will was not in place at your death. Our firm works with many families who have a small estate to ensure these situations do not happen while keeping the cost low by only creating a will instead of a trust.