Stephanie Jahnz had the privilege of presenting “Estate Planning YOLO! (You Only Live Once!)” to the Montgomery Lake Conroe Centennial Lions Club.
Visit The Courier of Montgomery County’s article to learn why an Estate Plan is important to protect you and your family.
If you have questions about generational law, contact Jahnz & Associates to set up a consultation at 832-702-9669 or admin@jglawtx.com.
According to the Wall Street Journal, Tony Hsieh, the co-founder of Zappos.com, passed away without a proper Estate Plan. The WSJ details how Mr. Hsieh, a real estate investor and a tech entrepreneur used a color-coded sticky note system to represent financial his financial commitments. His family discovered this system after his unexpected passing. Now, Mr. Hsieh’s family must navigate the loss of a loved one plus tracing his estate assets to make sure that it is all accounted for.
Making it worse, Mr. Hsieh’s private information will likely now be public due to him not having the proper documents, including business contracts and an estate plan, in place. And, his approximate $840 million estate will be passed according to the laws of intestacy (absent the discovery of any estate plan. documents), rather than based on Mr. Hsieh’s preferences.
Whenever a celebrity or high net worth individual dies without an estate plan, it’s highlighted because of the difficulties the grieving family faces given the large sums of money involved and the public scrutiny they may be subjected to. But, these same rules apply to everyone, regardless of the size of an estate.
Estate planning is not just for millionaires. Most comprehensive Estate Plans are affordable and just as (if not more) important to the general population than celebrities. By having an estate plan, you are not only protecting your family, but yourself.
A comprehensive estate plan includes:
Medical and Financial Powers of Attorney to allow your chosen confidante(s) to care for your medical and financial decisions if you are unable to do so;
Declaration of Guardian in Case of Later Need to allow you to request that certain people be qualified (or not) to serve as your guardian in case the powers of attorney are not sufficient;
Declarations to name who you would prefer to be appointed as guardian and healthcare proxy of your minor children;
Advanced Directive/Living Will to advise your family of your last wishes; and
Last Will and Testament and/or Trust to ensure that your assets are divided in the manner that you choose.
“Planning for the future your family deserves” (tm) helps you to determine how your future is handled. Without the proper planning, your state’s law may make these determinations for you.