Yes, even the undead need an estate plan. After you stop laughing you need to hear me out. As we’ve learned from the likes of The Vampire Chronicles, the Twilight saga, and HBO’s True Blood, vampires aren’t immortal. They do die, and it’s usually unexpected and messy.
While vampires aren’t good candidates for life insurance and probably don’t need an Advance Healthcare Directive (after all, their wounds seem to heal quickly and they never end up in the hospital), they should have a Power of Attorney to allow Mrs. Dracula or Dracula Jr. to manage finances just in case they need to take an extended trip.
And what happens if Dracula is sued? A good asset protection plan will insure that his hard earned assets aren’t wasted away defending an expensive lawsuit and snatched up by a judgment holder.
And of course Dracula could cross paths with Buffy the Vampire Slayer or run out of gas in the middle of the desert at dawn. While not likely, these things are nonetheless possible and will lead to that messy and unexpected death. That’s where a will and trust come in handy – directing who will be in charge of settling Dracula’s final affairs and who will inherit his worldly possessions. And what about Dracula Jr., what if he’s still a toddler or an adult who isn’t financially savvy? A trust can be used to protect Jr. in either situation. And then there’s always the concern that Mrs. Dracula will remarry. A trust can be used to provide for Mrs. Dracula during her lifetime but insure that what’s left when she bursts into flames goes to Dracula Jr. and his children. Oh, and these trusts can include creditor protection and tax planning that’s designed to minimize taxes for years to come.
If it’s clear that even the undead need an estate plan, what about you? What are you, a mere mortal, waiting for? Without an estate plan your final wishes will remain a mystery. Worse yet, your state’s laws will provide your estate with a default plan that your loves ones will be stuck with and probably isn’t the plan you would have wanted. Now is the time to create your estate plan on your own terms. Please call our office now to arrange for your estate planning consultation.
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Like any other complex subject, estate planning has its share of myths and misconceptions. Understanding the top three estate planning myths will help you to create and maintain a plan that will work the way you expect it to work when it’s needed.