Even Rock Stars need an Estate Plan

Did you know that even rockstars need to have an estate plan in place?

Don't stop thinking about tomorrow is what Fleetwood Mac sang in 1977.?

But actually they are putting that sentiment into action, because recently Nicks, Bob Dylan, Paul Simon, Neil young, all sold portions of their song catalogues, these multi-million dollar deals are in part, a response to what's happened with the pandemic and the fact that they haven't been having live events and performances recently, but they're also part of a bigger group, which are the baby boomers, and actually they need to start thinking about making sure that their money is looked after and passed down to their loved ones.

And that's why an estate plan is really important.

An estate plan in essence is just making sure that you leave your estate in the way you want. And you tell your beneficiaries how you want your estate to be distributed in the future.

As a minimum, you should be having a will in place, which will help to decide on your last wishes and describe how you want your estate to be distributed to your heirs and other beneficiaries when you die.

Also, a power of attorney is really important because it will authorise someone of your choosing to act on your behalf whilst you're still alive, if you're incapacitated and unable to make decisions, this also includes how you want to be cared for if you become incapacitated and designated someone of your choosing to make important medical choices for you, if you're unable to do so.

So yes, it's important to decide how you want your assets distributed after your passing, but an estate plan will also protect your best interests and ensure that you'll get the kind of care that you want. Even if you're not able to speak out for yourself.?

Estate plans also save your heir's time, money and headaches. So if you set out your will in a legally durable estate plan, your heir's are going to have a lot less to argue about, or worse, sue each other about.

But even if your family is relatively drama free, a will, an estate plan, makes the process of settling your estate so much easier.

It also determines the best way to transfer your assets to your beneficiaries. And this includes perhaps planning with your advisor, setting up family trusts either in lifetime or on death.

Again, this is going to make sure that your wishes are honored when you're no longer here.

So it's important that you discuss these things with your families and or your financial advisor, of course, together, so that you can put your plans in action and make sure that your hard-earned money is passed on to the people that you want it to be passed on to.

Hopefully this has given you a little bit of information and we would always be happy to help you discuss this in further detail.