William Penn Life, 2017 (52. évfolyam, 1-12. szám)
2017-07-01 / 7. szám
Moneywise well. While unfortunate, this fact is often overlooked in estate plans. People often set up trusts and wills that will unintentionally feed the flames of family discord. But, even the best planned documents can still cause problems if you don't communicate with your beneficiaries prior to your passing. Talk to your kids about your plans and why you set things up the way you did. Why are you leaving more to child A than child B? Why did you skip over child C and leave assets directly to the grandchildren? You may have very valid reasons for setting things up the way you did, but if your plans don't meet your heirs' expectations, there can be resentment and even litigation challenging the will or trust. If you can't bring yourself to have that difficult conversation in person, you can always write a letter that can be left with your will and other important documents. Failing to update your plan as you age Estate laws change. You or your children go through divorce or remarriage. A child passes away. Your assets grow and diversify in the years since you drafted your original estate plan. All of these changes-and many others-can have a significant impact on your estate plan. Be specific in your planning. If you've remarried and want your new spouse to be able to live comfortably, but you also want your children left with a significant inheritance, then spell out the terms of what "living comfortably" means instead of leaving it up to the competing forces to decide. Having a professional fiduciary or trustee in some of these instances could make sense. Many people just don't understand the resentment and conflict that can build during the estate settlement process. Many times, we hear beneficiaries battling with their siblings, saying "we never thought this could happen to us." With proper planning and good communication, conversations such as these can easily be avoided. Confused about estate planning, beneficiary designations and keeping everything up-to-date? Then call your local William Penn Association agent or broker today. While we can't give legal advice, we can work with your estate planning team and help make sure your beneficiaries are up-to-date and your plan is doing what you want it to do. Don't have an agent? Call the Home Office, and we'll be happy to assist or assign a local agent for you. Happy Independence Day from the sales team at William Penn Association! SPECIAL NOTICE: Time is running out to purchase a certificate of insurance under our “131st Anniversary Guaranteed Issue Special” offer which expires July 9. All applications for the guaranteed acceptance offer with NO health questions asked, MUST be signed and dated ON OR BEFORE July 9 AND postmarked NO LATER THAN July 10 to qualify for this offer. Call your agent or our Home Office today! New Jersey Senior Citizens - Third Party Notice A third party may be designated to receive a copy of any cancellation, non-renewal or conditional renewal and lapse notice from the William Penn Association by a person who: • is located in or is a resident of the State of New Jersey; • is insured by a Life, Annuity or health insurance certificate, contract or policy that the William Penn Association has issued; and • is age 62 or older. A third party may be designated by: completion of the information requested in the Third Party Designation below; and, return of the Third Party Designation Form to the William Penn Association by certified mail, return receipt requested. The designation will be effective upon our receipt of the information. Designation of a third party does not constitute the acceptance of any liability for the services provided to the person by the third party or by the William Penn Association. The third party designation may be terminated by: the third party by written notice to both the person and to the William Penn Association; or, the person by written notice to the William Penn Association. Third Party Designation Certificate/Contract/Policy Number:______________________________________ Date:_________________________ Third Party Notice, Designee (Print Name):______________________________________________________________ Address:-—---------------------------------------------------------------------------------------------------------I accept designation as a third party. Signature:-----------------------------------------------------------------------------------------Signature, Insured/Owner:----------------------------------------------------------------------------------------------------------------WILLIAM PENN LIFE 0 July 2017 0 5
