Both Millennials (born roughly in the early 80’s) and Gen Z (born roughly around 96′ and 97′) are struggling in an economy that has seen the price of everything increase. Job prospects are more difficult and saving for retirement is much more difficult than it was for earlier generations. Estate planning is, however, still important for everyone, no matter how few in the way of assets and possessions a person may think they have. Gen Z is no different; they may believe they have fewer assets than their parents, but they still need to engage in estate planning. They also have different values than other generations, and that needs to be respected when it comes to estate planning. 

The first thing to note is that Generation Z is the first generation to practically be born with phones in their hands; they are more adept with  technology than their parents are. This can affect the way they plan for their estate. As previously mentioned, they have different values from their forebearers; they’re more likely to volunteer and put themselves behind political and social causes. This effects what they value in life and where they want their charitable donations to go.

They are also more likely to want to create their own (tech) startups. That may mean that  leaving assets in a discretionary lifetime trust would be beneficial for members of Gen Z. You can read more tips on how estate planning is different for Gen Z here.

 

 

Inheritance can be a tricky issue. Leaving behind money for your loved ones can be a great way to ensure that they are taken care of after you are gone. However, there are several important things to consider when planning your inheritance. Here are our top seven tips: 

    1. Make a Will: The most important step in leaving behind a set amount of money is to make a Will. This ensures your assets are distributed according to your wishes.
    2. Review your Will regularly: Your Will should be reviewed consistently to make certain that it reflects your current wishes and that it complies with local laws. 
    3. Consider creating a trust: Trusts can be a great way to protect your assets. A Trust is a written document providing that property be held by one (the “trustee”) for the benefit of another (the “beneficiary”). 
    4. Communicate with your loved ones: It is important to communicate with your loved ones about your plans. This will help to avoid confusion and disputes after you are gone.
    5. Consider tax implications: Your inheritance may be subject to taxes. It is important to consider this when making plans.
    6. Review your beneficiaries: Make sure that your current beneficiaries are up-to-date. Also be sure to name backup beneficiaries in case one of your primary beneficiaries predeceases you.
    7. Review your insurance policies: Make sure that your insurance policies are up-to-date and that they provide adequate coverage for your loved ones.

Leaving behind an inheritance for your loved ones is an important step in ensuring that they are taken care of after you are gone. However, there are several important things to consider when planning your inheritance, such as creating a Will, communicating with your loved ones, and consider the tax implications. Follow these tips to  ensure that your money is properly distributed. Do you need more tips? Checkout our Knowledge Centre for more information.

We have written a lot about the importance of Wills and estate planning. Estate planning typically involves creating a number of legal documents  (Will and Testament, trusts, powers of attorney, documents and healthcare directives). But estate planning is also the process of organizing and managing your assets during your lifetime and determining how they will be distributed after your death. It involves making decisions about things like who will inherit your assets, who will manage your affairs if you become incapacitated, and how your assets will be used to provide for your loved ones. These documents allow you to specify your wishes and appoint individuals to carry out your instructions. It is obvious as to why estate planning is important, but many people do not properly plan out their estate or their Last Will and Testament. If ordinary people are not properly planning out their estate, you can imagine the mistakes that celebrities make.

Here are some major mistakes celebrities make when it comes to estate planning: 

1. The most glaringly obvious one is to not have a Last Will in place. What happened when Jimi Hendrix died? What happened when Prince died? What happened when Amy Winehouse died? Everything was a legal mess. 

2. To create a letter of wishes for your Executor. This  makes sense, because you do not want a letter to contravene the wishes in your Last Will. You want to have everything carried out in your Last Will and Testament the way it is written. 

 3. Pick a great choice for Executor. You probably don’t want to be the type of person who leaves everything to their butler (one celebrity made that mistake). 

 4. This is a no-brainer, but tell your Executor where your Will is stored. Yes, it sounds obvious, but Olympian Florence Griffith Joyner did not do this when she passed away. You can read more on that here

Keep all of the above in mind when planning for your estate and creating your Will. 

Denver Broncos

Pat Bowlen, the billionaire owner of the Denver Broncos, passed away with what was supposed to be an orderly, organized, and air-tight estate plan. Pat Bowlen was a former owner of the Denver Broncos, a professional American football team in the National Football League (NFL). He was the team’s owner from 1984 until his death in 2019, and during his ownership, the Broncos won three Super Bowl titles and made it to the playoffs numerous times. Bowlen was highly regarded as one of the most successful and influential owners in the NFL, and he was inducted into the Pro Football Hall of Fame in 2019. Pat Bowlen purchased the Broncos in 1984 and the franchise won three Super Bowls during his ownership. It was estimated that he purchased the Broncos for a cool $78 million dollars. Bowlen ceded control of the team in July 2014 when he acknowledged that he was suffering from Alzheimer’s disease. Bowlen passed away in 2019 and the Pat Bowlen Trust has assumed ownership since then. 

Everything was supposed to go smoothly after his death. 

The exact opposite happened. 

Bowlen’s surviving family members, which included his seven children from two marriages, his three siblings (who were various co-owners at different points in time with their own children) all complicated the estate plan with their constant bickering. 

The complications with the estate plan are as follows:

    1.  The removal three trustees as the estate’s conservator, and bickering about the appointment of an  independent party to serve as the estate’s conservator.
    2. The current trustees declined a succession plan submitted by Pat’s two daughters from his first marriage, Amie Klemmer and Beth Bowlen Wallace. Annabel Bowlen—Pat’s second wife—“became very upset” when she learned that Beth progressed toward ascension as the controlling owner.

 

Essentially, even though Pat had everything planned out, family bickering became a contentious problem. You can read more, here