Insider Darwin Abrahamson |
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Estate Planning Involves More Than Just Writing Your Will
PUTTING YOUR AFFAIRS IN ORDER
What could happen if your only estate planning measures were the execution of simple wills? Take Paul and Ellen for example. After five years of marriage, Paul and Ellen decided that they needed to get their affairs in order, so they made an appointment with an attorney. They requested the attorney to draw up wills for each of them, commonly referred to as simple "I Love You" wills. The attorney completed the task as requested. As an added precaution, Paul and Ellen decided to change the ownership of most of their assets to Joint Tenancy With Right of Survivorship (JTWROS) in order to avoid adding those assets to the probate process on the death of either of them. After completing these estate planning measures, both Paul and Ellen felt secure in the knowledge that they were fulfilling their duties to each other. Despite all of Paul and Ellen's precautions, when tragedy struck, Ellen was unprepared for the events that followed. Seven years after putting their estate in order, Paul was diagnosed with a brain tumor. Paul underwent surgery and the tumor was removed. Tragically, due to the tumor's size and location, Paul suffered complications during surgery. As a result, Paul never regained consciousness; remaining in a vegetative state.
Stranded in Living Probate
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