Family & Estate Planning for the Person with Everything

 

This post is courtesy of Anna Bahr, Regent Law 3L student:

 

If a zombie apocalypse strikes, I know where I would want to be – my grandpa’s house. Born just days before the stock market crashed in 1929, my grandpa learned how to be self-sufficient at a young age. He was a talented hunter and fisherman and had a “garden” that most people would classify as a farm. Even in his 80s, you could find him deep in the woods, tapping maple trees to make maple syrup. He was also an avid collector. He loved vintage furniture, antiques, and firearms. He had expert knowledge of the value of these items. As a result of his many passions and love of collecting, my family joked that he had ten of everything. It seemed like anytime you needed something, no matter how obscure, my grandpa could go to his basement and return with not just the item you were searching for, but a variety to choose from. Through his impressive stockpile and unique skillsets, those zombies wouldn’t stand a chance!

My grandpa passed away at the age of 90. Although he had a will, settling his estate was very difficult. First, his collectibles made up a large portion of his estate. Without his expert opinion, it was very difficult to determine the value of his estate. Secondly, he had various properties, all of which needed to be sold. This was a time-consuming and expensive process. Lastly, he had five children. Thus, dividing his estate evenly was a challenge and took many years. My parents, aunts, and uncles spent countless hours sorting through belongings, attempting to learn the value of items they knew nothing about, and searching for willing buyers. In a moment of frustration, while sorting through hundreds of antique fishing lures, I remember my mom saying, “When I die, I am leaving you with nothing but liquid assets!”

Although my mom had a noble goal, it was certainly an impractical one. Further, allowing for easy distribution of your estate does not have to mean selling all your belongings before you die. Instead, careful estate planning can ease this burden. For example, my grandpa had a wealth of knowledge when it came to the value of his belongings. Had this expertise and an accurate accounting of his estate been documented in his will, his estate would have been administered more quickly. Further, the headache of probate can be avoided altogether! Creating a family trust allows assets to transfer without the time and expense of probate. Particularly for complex and diversified estates, like my grandpa’s, trusts are great tools for ensuring your loved ones and beneficiaries will not be left struggling to settle your estate.

Planning for death can be scary, but not having an estate plan is scarier than a zombie apocalypse. Creating a comprehensive estate plan is the best way to protect your belongings and your loved ones after death.