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Thursday, September 24, 2015

Do You Like Your Estate Plan?

Jon and Sue think they are too young to have an estate plan.  They figure they will wait until they get married and have children to think about what will happen if either or both of them pass away unexpectedly. 

But they do in fact have an estate plan.  They effectively ‘decided’ by not deciding.  Their plan is what the ‘default’ probate laws say it is. 

Jon’s parents are divorced and his brother has not spoken to either of them in 5 years.  If Jon dies, every account or other asset he has in his name alone will be divided equally between his mother, father and brother.  And his mother and father will have ‘equal right’ to decide who would be in charge of Jon’s estate after his death. 

Unfortunately, their divorce was bitter, so the chances of them disagreeing about it are high, meaning the court would have to decide which one wins on that issue.  And Sue, who has lived with Jon for over two years and helped him buy his car, would have no say in it at all and would not be entitled to even a penny of his estate. 

Everyone has an estate plan.  It is best to know what it is.  To learn about your own plan, call our office at (815) 436-1996 to set an appointment to review it. 

©2015 Gruber Law Office, Ltd.


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