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Mike
Carruthers:
So,
who gets your stuff when you die? Apparently people don't really
like to think about this too much, not even the rich and affluent.
David T. Phillips:
Seventy percent of today's American affluent do not
have a logical estate plan - they don't have a logical plan to
distribute assets from one generation to the next.
David Phillips,
author of the book
Estate Planning Made Easy, says everyone should have a will,
an updated will.
Well a 32-year-old
will is not a will. You had so many life changes in the middle
that you've got to review it at least a minimum of every five
years - have somebody review it.
If you don't
decide in advance who gets your assets, someone else will but
also…
If we don't,
we end up fostering the worst traits of human emotion and that
is hate, envy, anger. "She wanted me to have it, no she
wanted me to have it." And so we have the family feud and
those are character traits that we can eliminate by properly
planning.
David has helped
plan over 5,000 estates and he's come to believe that everyone,
as part of your estate plan, should write down your life story
for your kids and grandchildren.
And it may not
be interesting to the seventeen year old right now but when
the seventeen year old is 35 years old he's going to want to
know what was Grandma all about or Grandpa. I just think it's
something that needs to be done - it's a vital part of an estate
plan.
You can get a
free copy of David's ten most common estate-planning mistakes
from his website which you
can link to from ours: somethingyoushouldknow.net
- I'm Mike Carruthers and that's Something You Should Know.
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