[Fredslist] Learn from my estate planning nightmare

[Erin Ardleigh]

Don't let yourself go through the nightmare that my family is going
through due to a lack of estate planning! 

 

This is not a promotional post, it is in fact a very personal story that
I hope might motivate a few of you. 

 

My grandmother died in 2007, and 5 years later, her estate still is not
settled. She didn't believe in estate planning, and as a result, gave
millions to the government rather than to her family or a charity. She
did create a will, but didn't discuss her wishes with her family and
didn't pick a competent executor. The ensuing mess would make a great
reality TV show - warring siblings, IRS penalties, angry lawyers, a dead
accountant (really!) mysterious heirs to a fortune, never ending delays,
and irreparable damage to a family. 

 

Don't be season two of this show! Make sure you and your family members
all have wills, health care proxies, trusts if appropriate, proper (in
force) insurance and that you tell someone about your wishes. There are
many wonderful people in Gotham that assist in this process, including
mediators that can help initiate what some find to be a very difficult
conversation.

 

(BTW I'm NOT looking for professional advice or representation -
unfortunately I did not have a say in who was hired, other than my
father's attorney. I wish I could've hired all Gotham members ;) I have
had wonderful CPA's and attorneys give me advice and help along the
way.)

 

Again, I am sharing this so that others can learn from my troubles. The
silver lining to my experience is that my family members all see the
urgent need to do proper planning. However, too many people say to me,
'oh I don't have a will, I'll get to it sometime' or 'I have no idea
about my parents' affairs - it'll be a mess when they're gone'. Trust
me, when professionals in the estate planning business tell you that you
need to act now, it's not a high pressure sales technique - there is a
serious risk to ignoring their advice. Don't learn that the hard way.

 

Erin Ardleigh

 

 

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