Estate Planning

Just need a 150 response to Ricardo Harris’s post:
What triggered Charles and Linda to start thinking about planning their estate?
The thing that triggered Charles and Linda to start thinking about their planning of their estate is the death of their friend Lloyd. When they occurred they worried if Charles provided for his kids, now that he is passed.

According to attorney Rick Fenelli, what is the first step in estate planning?
The first step is in estate planning is identifying all of one’s assets.

Who writes your will if you don’t?
The will is written by the state and it is called dying intestate.

Provide at least one lesson learned during this course.
One lesson learned during this course is the most recent lesson we jus went through which is basically retirement and the future. It broke down the ins and outs of planning for the future, planning for your kids your spouse if and when something happens. Also how to live once you are retired, how to manage your money now that you are on an fixed income.

Here is what was written on my behalf:
The death of their friend Lloyd triggered Charles and Linda. His death got them thinking about how he left his family and whether or not he had planned for his family’s future after death. They thought of their children and what would happen to them if they died and left them without a will. The death of their friend triggered them to think of their children’s future after death and how they would handle themselves without a will.

According to the attorney, the first step of estate planning is identifying all the assets. They need to identify all the assets they own as a couple, and they can then take the next step of estate planning.

If a person dies without a will, the State writes the will. This is called Probate. Dying without a will is known as “intestate.”

One can learn from the case of Charles and Linda that it is important to think about one’s death before the loss of a friend. Planning of estates is not for the rich and stars. Any person can plan their estate and write their will for safety purposes, as death is a natural occurrence that will eventually happen to everyone. It is important to plan ahead to ensure that one’s assets are organized, and if they die, there will be a will.

ANSWER

Real Estate Planning

Response

According to our class material, planning for the future, especially regarding retirement and the safety of assets,, is essential. The death of Lloyd triggered Charles and Linda to start thinking about their future through planning for their estate in the event of their death. Planning ahead on real estate helps to get rid of any uncertainties that may lead to people losing their inheritance. Thus, Rick Fenelii, a real estate attorney, asserts that it is crucial to identify all assets when planning for real estate. In the event that a person dies without leaving a will, the state writes their will, which is regarded as dying intestate (Shaw, 2020). Identifying all the assets helps in retirement plans regarding the properties owned, proper money management, and devising the necessary plans involved for inheritance. Having a will ensures that every property is safeguarded, and all legal documents will be bound to the will. This helps in cases of family wrangles that mostly erupt due to the lack of a will.

References

Shaw, J. (2020). Platform real estate: Theory and practice of new urban real estate markets. Urban Geography, 41(8), 1037-1064.