Estate Planning – 7 Keys to Success – Stop People from Fighting Over Your Money

Key 5: Stop People from Fighting Over Your Money

Jack worked hard to earn his money as the owner of a small printing business. “I can do whatever I want with my money!” he said.

Do you think Jack is right?

You may not realize that people can challenge what you do with your property in your will.

For example, in some jurisdictions, judges can basically rewrite a person’s will. This can happen, for example, if Jack fails to honour his legal and even moral obligations.

Normally, such obligations extend to:

• his married partner
• dependants
• children
• common-law spouse

Marg was Jack’s common-law wife for 12 years before he died. She was financially dependent on him.

After Jack passed away, she had to raise their children.

“Jack promised me I would never have to worry about money,” she said.

If you forget your legal and formal obligations when you write your will, you can expect trouble.

Marg was not provided for in Jack’s will. She had to sue Jack’s children from his first marriage to get support.

Can you guess who paid for all the lawyers?

Provide for Your Beneficiaries and Your Dependants

Ignoring your legal obligations will waste your money on court cases, lawyers, and delays. It can lead to Executor’s Disease™.

Read more about this in my free eBook, Executor’s Disease™.

You need professional advice to avoid conflict, grief, and trips to the courthouse.
In some cases, an inheritance must be held in trust to protect minors or those who are vulnerable.

Your executor keeps assets safe for their benefit.

Successful estate planning also includes taking care of yourself. Next, we’ll unravel the mysteries of powers of attorney.

To read all the keys now, download Estate Planning: 7 Keys to Success.