Can your estate plan survive a crash?
A serious accident can test far more than your insurance coverage. It can expose outdated documents, incorrectly titled assets, missing decision-making authority, and family members who have no idea what to do next.
In this episode of Crashes, Claims & Clarity, Darrell Burrow speaks with estate planning and elder law attorney Mike Bascom about whether an estate plan will actually work when a family needs it most.
Mike explains why an effective estate plan must be written, current, and appropriate for the state where someone lives. He also discusses how beneficiary designations and asset ownership can override the instructions in a will or trust.
Darrell and Mike explore what someone should consider after receiving a significant injury settlement, why a spouse may not automatically have the authority to operate a family business, and what can happen to rental properties when an owner becomes incapacitated.
They also discuss preparing the professionals, family members, and trusted individuals who will eventually carry out the plan. Without clear instructions and access to the necessary information, an unexpected crisis can quickly become an expensive and emotional treasure hunt.
In this episode, you will learn:
- Why an estate plan should be reviewed after major life changes
- How beneficiary designations and asset ownership can undermine a plan
- What to consider before spending or investing an injury settlement
- Why business owners need an incapacity and succession plan
- How to prepare the people responsible for carrying out your wishes
- What veterans and their spouses may overlook when long-term care is needed
- Why owning property in multiple states can create additional complications
- Why fair treatment among beneficiaries does not always mean equal treatment
An estate plan should not simply exist. It should protect your family, property, income, and business when the unexpected happens.
Connect with Mike Bascom and learn more about Bascom Law at BascomLaw.com.
Listen to Crashes, Claims & Clarity:
https://podcasts.apple.com/us/podcast/crashes-claims-clarity/id1824256144
If you or someone you love has been injured in a Georgia accident, learn more about Darrell Burrow and Burrow & Associates at LegalAtlanta.com.
This episode is provided for general educational purposes only. It does not constitute legal advice or create an attorney-client relationship.
