Many people think that estate planning is an easy endeavor. Although this may be true enough for those who merely want to create a simple will, fully protecting one’s assets often requires more in-depth planning. Regard of an estate’s complexities, though, unexpected issues can arise that threaten the stability of an estate and its testator’s plan.
Stan Lee, the famed comic book creator responsible for Spider Man and the Hulk, may be in this situation now. According to reports, Lee, who is now 95, may be subjected to undue influence on account of his health, which includes failing sight, hearin and memory. Those closest to him may be taking advantage and leeching from the man’s estimated $50 million estate. Although the full impact has yet to be seen, given the circumstances the losses could be significant.
Unfortunately, this is not an uncommon situation for the elderly. Far too often these individuals are susceptible to coercion and influence, which may cause them to make decisions that are in opposition to their best interests. One thing individuals can do to try to avoid this situation is to combine accounts, which makes it easier for them to remember and manage their assets. They can also put protections in place that allow another individuals to make financial decisions for them when they are unable to do so on their own due to incapacitation.
Undue influence and coercion are just a few of the many pitfalls that can ruin an otherwise strong estate plan. However, with careful and thorough preparation, individuals can take the steps necessary to protect themselves, their assets, and the financial stability of their heirs and beneficiaries. To learn more about the many estate planning options, including the various trusts that are available, Illinois and Indiana residents should consider seeking legal guidance. It is important to consider ways to protect yourself no matter your age or health.