The word “estate” conjures images of great wealth, which may be one of the reasons so many people don’t develop estate plans. Afterall, they’re not rich, so why make the effort?
Parents' instincts to protect their children can cause them to hold back on some important truth-telling about the kind of inheritance they might expect, but that could be a big mistake.
No one marries with the intention of getting divorced, but about half of all marriages in the U.S. will end in divorce. Divorce and second marriages can complicate the process of estate planning and present a number of challenges.
Your obligations to your family or loved ones do not stop, even if you have already passed on. If your family, especially your children, are still heavily dependent on you, you can still provide for them through proper estate planning, even if you are no longer present.