Did you know that you could unintentionally disinherit your loved ones? Part of the estate planning process is making sure your loved ones are protected. If you don’t have a plan or your plan is barebones, your loved ones could be left out in the cold. There are several ways this can happen but here are two quick stories based on actual cases that have come across my desk.
Joe and Mary have been married a long time. They have two young children of their own and Joe has a college-age daughter from a previous relationship. They all get along very well and the college-age daughter visits on all the holidays and occasionally stays the night. Joe and Mary have no estate plan. After Joe passed away, Mary met Bill, a longtime family friend. They fell in love and decided to get married. As the years went on, Mary and Bill owned most everything jointly. Mary fell out of touch with Joe’s daughter, not because of anything in particular but simply due to busy schedules. When Mary unexpectedly passed away, Bill owned just about everything and decided to move back East where he died leaving all his assets to his sister and brother. Joe and Mary’s kids received nothing.
Then there was Helen. She called me from Riverside and told me her father who just passed away had a home worth about $900,000 in Granada Hills. Helen had not saved very much money and was now in her retirement years. She had two siblings and was counting on getting one-third the value of the home, around $300,000. Her father had no estate plan and was quite ill during his last weeks of life. As it turns out, around six months before he passed away, Helen’s brother had the father place him as joint owner on the home. When the father passed away, Helen’s brother owned the house outright pursuant to joint tenancy laws. Helen’s brother never liked her very much and decided to keep the house.
These are just two examples of how lack of planning can lead to the unintentional disinheritance of the people that you love. Also, it should be a “wake-up call” for those who are counting on some kind of inheritance. The best intentions cannot replace a plan designed to protect you and your family.
For more information, please call 800-799-7449 or visit www.ValenciaLawyer.com .