Whenever an icon or celebrity passes, such as Michael Jackson, Steve McNair, Ed McMahon, Heath Ledger, and now Senator Edward (Ted) M. Kennedy, it reminds us that we are not invincible and that we need to take responsibility and plan for our passing or incapacity.
Jill Schlesinger at CBSnews.com has wrote an interesting blog about this very topic. You can read it here: Kennedy's Death Reminds Us of Priorities. In her article she talks about as a financial planner, the biggest mistake she saw people making was not their portfolio allocation, but their lack of proper estate planning.
She ends her article with the following advice, "Investment mistakes can be corrected easily-negligence in estate planning is irrevocable once a person dies. So as you watch the coverage of Ted Kennedy's life today and take a breather from Bernanke, the economic recovery and the current stock market, write a note to yourself which says: "See lawyer re: wills, etc." Even if you have these documents, remind yourself to revisit them to make sure they are up to date. We can always talk about the economy tomorrow."
Couldn't have said it better myself.
Christopher J. Berry, Esq., A Bloomfield Hills Estate Planning Attorney, is a Partner with The Law Offices of Witzke Berry PLLC, which practices in the areas of Michigan Living Trusts, Living Wills, and Michigan Probate Litigation, serving Oakland County, Macomb County, and Wayne County. We can be reached at 248-971-1700.
