Since we will not live long enough to make all of life’s mistakes, it is prudent to learn from the mistakes of others whether they occur in Overland Park or elsewhere. In this spirit, there is much wisdom to be gleaned from a recent autobiographical article in Forbes titled “What My Dad's Death Taught Me About Money.”
As you read this article, there are many lessons the daughter and only child of the decedent learns in her role as executor (also known as a "personal representative") of her father's probate estate. The unfortunate fact is that these lessons were learned the hard way and unnecessarily. I highly recommend reading the full article, but here are the essential takeaways:
Lesson #1: Everyone Should Have an Estate Plan … or at Least a Will
Lesson #2: Adequate Medical Insurance Is a Must
Lesson #3: Mental Breaks Trump Burgeoning Bank Accounts
It is certainly less painful and less expensive to learn from the mistakes of others, especially when it comes to estate planning. One of the best and last gifts you can leave your loved ones is a well-planned and organized estate.
Remember: When making your financial, tax and estate plans, don't go it alone. Be sure to engage competent professional counsel.
Reference: Forbes (April 19, 2013) “What My Dad's Death Taught Me About Money”