Tuesday, February 11, 2014

Urgent Business for Dan

Dan is taking care of his daughter, Ann, after his beloved Abby’s death in a car crash.  It would have been easier for Dan to protect Ann’s inheritance for her future if Dan and Abby had done some “just in case” planning before Abby’s death.

Fortunately, most of Abby’s property went directly to Dan, and Ann will inherit little more than a half interest in the house at age 18.  If Dan were to unexpectedly die, however, Ann would not only be an orphan, she also would inherit a very large amount of money and property at 18 if he does no planning now. 

Thus, it is particularly important for Dan to do some “just in case” planning now.  He needs to name a person to take care of Ann till age 18 or high school graduation, as well as someone to take care of her money to an older age he chooses in a contingent trust in his Will. 

Dan needs to do this as soon as possible, even before Abby’s own estate is settled.  After all, Abby’s death reminded him of how uncertain life can be, and now he is Ann’s only remaining parent. 

Surviving spouses need to take immediate action to protect their family in the event another unexpected death by doing estate planning.  For help with your own estate plan, call our office at (815) 436-1996 for an appointment.

© 2014 Gruber Law Office

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