Estate planning is a systematic process, which involves getting your personal and financial goods for the time, if you pass away or become mentally ill. It is also known as last will, and almost everyone does this planning for their family.
It’s very common for spouses to title property they own together as ‘joint with right of survivorship.’ When one passes, the other owns the property outright. It’s simple, easy and automatic. However, it can get messy when the other joint owner isn’t your spouse.
Everyone’s heard the stories of celebrities who died without a proper estate plan in place. It’s been a hot topic in the last few years with Prince and Aretha Franklin serving as unfortunate faces of the phenomenon. However, it’s not just freewheeling entertainers.
Thinking of exit and estate planning in tandem, allows owners to ask relevant questions to bring their entire picture into focus.