Estate Planning

Please answer Questions 1-3 of the “Estate Planning” Financial Planning Case (Chapter 19: page 685) about Linda and Charles. Additionally, please provide at least one lesson learned during this course that will help you better manage your personal finances in the future.

ANSWER

Estate Planning

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.