While memorials and tributes continue to pour in, one thing is clear: Prince Philip had clearly defined wishes regarding how he wished to pass, as well as his funeral plan.
When the legendary singer, songwriter and performer Prince died suddenly in 2016, he left an estate estimated to be worth between $50 and $300 million dollars – and no will. Without a spouse, living parents or children, his sister and five half siblings have been battling it out since, in one of the most complicated probate court proceedings in Minnesota history, with tens of millions of dollars being spent on fees for lawyers and consultants.
Protecting a nest egg is tough enough. Don’t make the situation far worse.
While a will is one of the most important estate planning documents you can have, there are things that a will won’t cover.
Vanguard has sent me a beneficiary designation verification letter. For the primary beneficiary, it says it will be the person I am married to at the time of my death. For the secondary beneficiary, it says, my descendants “per stirpes.” I have one child. Should the beneficiary designation include his name?
What happens if you don’t have any family to be personal representative? Other than a family member, who can be personal representative?
How can we avoid probate and reduce the estate tax for our beneficiaries, who are our two adult children?
Can a living trust be the beneficiary of a Roth IRA?
Every estate plan should have a power of attorney, in which you give one or more people authority to act as agents on your behalf, when you aren’t able to. Every estate planner and guide to estate planning will tell you that. What few will tell you is there are at least two important instances when the power of attorney (POA) won’t be recognized and followed.
Nearly half of working-age Americans assume that they will receive an inheritance that will support them later in life, according to a survey by the financial services company HSBC.
