In a post back in January, our blog discussed how the late David Bowie was something of an anomaly in the music business given the degree of care he demonstrated building -- and most likely protecting -- his $200 million-plus fortune. Specifically, we discussed how experts theorized that it was highly likely that the shrewd Bowie utilized some form or irrevocable or revocable trusts to pass on his assets in a bid to maximize tax savings and keep his affairs private.
Talking about the possibility of dying is typically not one of a person's favorite activities to do. For this reason, estate planning is often ignored in Florida and other states. However, estate planning has proved to be beneficial in a wide range of circumstances.
In today's post, we'll conclude our ongoing discussion of the steps that loved ones should consider taking when a family member passes away and leaves behind a significant amount of "stuff" that wasn't otherwise accounted for in an estate planning mechanism like a revocable living trust or simple will.
In our previous post, we discussed how even though people take care to earmark certain belongings for friends and family members via estate planning mechanisms like simple wills or revocable living trusts, there's still a good chance that a fair amount of their "stuff" will be left where it's sitting after their passing.
As much as we try to fight it or even deny it, the fact remains that the majority of us have accumulated significant belongings -- i.e., "stuff" -- over the course of our lives. Indeed, while we do our best to keep the amount of clutter under control, more often than not, it simply ends up getting packed away or even left where it's sitting.
Whether it comes as a surprise or not, being named the personal representative of the estate of a recently deceased friend or family member can be a somewhat unnerving prospect. Indeed, a person may find themselves thrust into a scenario where the terms, procedures and forums are entirely foreign.