Celebrities Illustrate the Good, Bad and Ugly in Life Planning

The Forbes story The 10 Biggest Celebrity Estate Stories Of 2014 And What You Can Learn illustrate good planning, bad planning and the ugly side of family feuds after a loved one dies.

From complicated family issues for Robin Williams, to misinformation about “trust fund kids” by Phillip Seymour Hoffman, it’s easy to stop and gawk. However, it’s reported that more than half of all American’s die without a will.

I’m lucky that my parents shared their wishes with me and my siblings and completed their estate plans well before we needed to use the tools created.

When you turn 65 years old, according to the U.S. Department of Health and Human Services, you have a 70 percent chance of needing 3 or more years of long-term care. You will be on this earth and need someone to advocate for you, pay your bills, manage your household and ensure that you live the life the way you wish.

If you do nothing else, contact a local estate lawyer about a Durable Power of Attorney. It should cost a few hundred dollars and will prove to be priceless in the very likely event that you need it.

Don’t repeat the mistakes of the rich and famous. Deliver the ultimate gift to your loved ones by planning now.

Sharing MY DPOA & Estate Plan Wishes

This past weekend, I sat down with my brother and my kids and walked them through the estate plan my husband and I recently had updated. It wasn’t doomy or gloomy since we are in good health. It just resulted in peace of mind for my kids to know our plans and we made sure that everyone knows where they can find our completed MemoryBanc Register, and the original copies of all of our important documents.

I wanted to share this as a follow-up to last weeks post discussing the importance of having a Durable Power of Attorney (DPOA).

If you don’t already know this, the U.S. Department of Health and Human Services reports that 7 out of 10 of us will need long-term care assistance for at least 3 years. The difficulty a loved one faces when you don’t have a DPOA can be expensive, undignified and lengthy.

I hope you will consider speaking with a lawyer dedicated to the practice of estate law in your area. You should be able to get one for just a few hundred dollars.