The Errors of Famous People
Jimi Hendrix. Howard Hughes. Abraham Lincoln.
Different eras, different professions, different abilities, same problem.
No, the problem was not because all three had drug issues, obsessive compulsive disorder, or other eccentricities. The problem was simply that all three failed to plan for life beyond the grave!
It probably does not surprise you that Jimi Hendrix failed to plan, given the lifestyleand times in which he lived. But how could Howard Hughes leave an estate valued at more than $2 billion without any intentions? The same must be asked of Abraham Lincoln, who should have planned because of the duties of his profession as a lawyer.
The bottom line is this – there is no circumstance, or estate for that matter, large or small, that should prevent someone from addressing the least understood area of financial planning. Though it is tough to think about due to the nature of the discussion, it truly is a protection for the living, not for the dead.
Ensuring that you have planned for potential incapacity and for strategies to give your property to loved ones can remove the emotional burden for those that may have to take care of you or your finances if you are incapable.
So whether your intentions are on a cocktail napkin or completed with a financial planner and qualified estate attorney, make certain that someone knows what you want!