Category >> Planning for your Will

The COVID-19 pandemic has upended many aspects of our lives, from the way we work and socialize to the way we plan for the future. Unfortunately, the pandemic has also led to a spike in deaths, leaving many families to cope with the loss of loved ones.

In some cases, individuals who have passed away from COVID-19 may not have had a Last Will and Testament in place. A Last Will and Testament is a legal document that outlines a person’s wishes for the distribution of their assets and the care of their dependents after their death.

When someone dies without a Will, their estate will go through a legal process known as probate. Probate is the process of administering the estate of a deceased person, which involves validating the Will, paying off any outstanding debts or taxes, and distributing the remaining assets to the heirs.

In the case of COVID-19, where the illness can strike suddenly and without warning, it is important for individuals to plan ahead and have a Will in place. A Will allows people to have control over how their assets will be distributed, and it can help ease the burden on their loved ones during an already difficult time.

Imagine losing both of your parents and THEN have to deal with the lack of a Last Will and Testament. What advice would you give to someone in that situation. Click on the link below to find out what advice is given to someone in that EXACT scenario: What now?

Even during a pandemic, it is important to plan for the future and take control of one’s estate

A cautionary tale about Wills and Estate Planning from the late Larry King

The world was saddened by the news of Larry King’s passing on January 23, 2021. Known for his unique interviewing style and his ability to connect with people from all walks of life, Larry King was a broadcasting legend who left an indelible mark on the world of journalism.

However, beyond his public times and had five children, which could complicate matters in terms of inheritance. However, given his wealth and fame, it is likely that King took the necessary steps to ensure that his estate was properly planned and managed.

Estate planning is not just for the wealthy, however. It is important for everyone to have an estate plan in place, regardless of their wealth or status. Without an estate plan, one’s assets and wealth can be subject to probate, which can be a long and costly process for one’s heirs.

In the case of Larry King, it is not yet clear what his estate plan entailed, or how his assets will be distributed among his heirs. However, his passing serves as a reminder of the importance of estate planning, and the peace of mind that it can provide to one’s loved ones.

King left behind a Last Will and a bit of a conundrum; the man who was married eight times, who left behind five children AND four great-grandchildren, inevitably created a bit of a mess for his inheritors. Communication and openness is extremely important for anybody who is planning for their estate, but this is particularly true for Larry King, who had made changes to his “airtight” Last Will. Read more by clicking on the link below: Lessons from the late Larry King on Estate Planning. King was also a private individual who had a family and personal life outside of his work. Like many public figures, King’s passing brought to light questions about his estate and inheritance.

How a rifle gifted in a Last Will lead to a mass shooting.

The Nova Scotia shooter incident that occurred in April 2020 shocked the nation and left many in mourning. The shooter was gifted the rifle used to attack people. The tragic event claimed the lives of 22 people, including a police officer, and left a deep scar on the community.

It has since come to light that the shooter was gifted a rifle in the months leading up to the massacre. This news has raised questions about the ethics of gifting firearms, and the responsibility that comes with owning a gun.

Many people believe that gifting firearms is not only irresponsible but also dangerous. Guns are deadly weapons that require proper training, storage, and handling. When a gun is gifted to someone who may not have the proper training or knowledge, it can lead to tragic consequences, as was the case with the Nova Scotia shooter.

The shooter reportedly received the rifle as a gift from a friend in the United States. It is unclear whether the gift was legal or not, but it has highlighted the issue of gun control and the need for stricter regulations.

Gabriel Wortman is the the infamous Nova Scotia shooter who murdered 22 people in April of 2020. The rifle he used for the shooting spree was gifted to him by his equally troubled friend, Tom Evans. You can read more about this here: To my dear friend, Gabriel Wortman….

How you can use your inheritance to increase your personal wealth

Inheritance is a valuable asset that can be used to increase personal wealth if managed carefully. Here are some ways to leverage an inheritance to increase personal wealth:

Pay off debts: One of the best ways to use inheritance is to pay off debts. This can include credit card debt, student loans, and even mortgages. By paying off debt, you can improve your credit score, reduce your monthly expenses, and free up cash flow to invest in other wealth-building opportunities.
Invest in stocks or real estate: Investing in stocks or real estate can be a great way to grow your wealth over time. By using inheritance to invest in high-performing stocks or real estate, you can potentially earn significant returns on your investment.
Start a business: If you’ve always dreamed of starting your own business, an inheritance can provide the necessary capital to get started. Starting a business can be a great way to increase personal wealth and create a steady stream of income.
Build an emergency fund: Having an emergency fund can provide a safety net in the event of unexpected expenses or income loss. Using inheritance to build an emergency fund can help you avoid going into debt when unexpected expenses arise.
Invest in education: Investing in education can be a great way to increase earning potential and build wealth over time. Using inheritance to pay for higher education, professional certifications, or training programs can provide valuable skills and knowledge that can lead to higher paying jobs and increased income.

There are some more options to look at here.

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