Follow Susan Linkedin Twitter Facebook
Email Susan Email
Financial
Jan 16, 2017

Plan For The Worst And Hope For The Best

Sponsored Content provided by Susan Willett - Director of Trust Services, Old North State Trust, LLC

What can the deaths of Carrie Fisher and Debbie Reynolds teach us?
 
A motto I truly believe in and have stressed to every client as we meet to create his or her estate plan is, Plan for the worst and hope for the best
 
Did Carrie and Debbie plan for the worst and hope for the best? Can you imagine losing two generations so suddenly - within days, weeks or months of each other, with no estate plan for either?
 
I can tell you, it would not be a very smooth transition for those left behind. We never think the worst-case scenario will happen to us, but, trust me, I’ve seen it. It has been said a parent should never have to bury a child. I agree, of course, but unfortunately it does happen. 
 
No one could have foreseen Carrie Fisher dying before her mom, Debbie Reynolds. Carrie was only 60 and Debbie, 84. Both had extensive careers in the entertainment industry and even had a documentary together coming out soon.
 
Unfortunately, we don’t get to choose the time or manner of our passing. In fact, I have a client who lost her child and grandchild within a month of each other, and she is in her 80s. No one would have ever thought that would happen, but it did.
Fortunately, she listened to my advice when we were planning for her estate, and we planned for the worst. We had her ducks in a row and at least from a financial standpoint, the order of her heirs’ deaths didn’t affect anything.
 
The same thing can be said in Carrie and Debbie’s case. It appears their plans were in order and their assets will pass equally to Debbie’s remaining child, her son, and to her only grandchild, Carrie’s daughter.  Carrie’s assets will be distributed to her surviving daughter. Since Debbie’s son has no children, her assets will ultimately pass to Carrie’s daughter as well. 
 
That’s the true value of a good plan - when life hands you the unexpected (and when does it not?), you can rest assured the plan is there to take care of what you didn’t account for and make sure your wishes are carried out as planned. We all have unexpected bumps in the road, be it a death, illness, expense, etc., but a good plan makes the difference between these difficulties being manageable and becoming catastrophic. We can’t plan for everything, but we can plan for enough that we make the best of a bad situation when one presents itself. 
 
It is a good idea to have a respectable, knowledgeable partner that will help with these difficult arrangements. At Old North State Trust, we’re here to help you plan for those contingencies you may not have thought of or may not know how to plan for properly. We can help you plan - and implement that plan - to smooth out those bumps in life’s road when they come along. We’ll be here for you and your heirs from cradle to grave, and beyond.

Old North State Trust, LLC (ONST) periodically produces publications as a service to clients and friends.  The information contained in these publications is intended to provide general information about issues related to trust, investment and estate related topics.  Readers should be aware that the facts may vary depending upon individual circumstances.  The information contained in these publications is intended solely for informational purposes, is proprietary to ONST and is not guaranteed to be accurate, complete or timely. 

Susan Willett is the director of trust services and oversees all aspects of trust administration for Old North State Trust, LLC. Old North State Trust, a North Carolina chartered trust company, provides: asset management services; income, estate and trust tax consulting; retirement planning and administration; and trustee and estate services to both individuals and businesses. Old North State Trust professionals have many years of experience and for over a decade have assisted clients in identifying and reaching their financial goals. For more information, visit www.oldnorthstatetrust.com or call 910-399-5470.

 



 

Other Posts from Susan Willett

Onst insights blk
Ico insights

INSIGHTS

SPONSORS' CONTENT
Mc2 56882

Building Insights: Scott Byers

Scott Byers - Majestic Kitchen & Bath Creations
Deedeegasch 10218121741

Lawsuits and Social Media: Think Before You Post

Deedee Gasch - Cranfill Sumner & Hartzog LLP
Geofflosee300x300 10221511305

Got Flood Insurance? Get That Proof of Loss Form in Quickly!

Geoffrey Losee - Rountree Losee LLP

Trending News

Health Care, Fintech Innovations On The Way, Experts Say

Christina Haley O'Neal - Nov 9, 2018

SAS Brand Director Aims To Connect Tech, Emotion Through Film

Cece Nunn - Nov 9, 2018

In The Current Issue

FDIC Report Shows Market Share Shifts

The FDIC’s yearly report, re­leased last month, showing bank deposits and market share as of June 30, 2018, points to sev­eral changes in th...


Health Care Heroes: Physician

Honors a physician whose performance is considered exemplary by patients, peers and other health care providers....


NHRMC: $90M Impact From Storm So Far

The prognosis is good for a complete recovery from Hurricane Florence at two major area health care providers, even if some aftereffects are...

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2018 Power Breakfast - Dishing on the Restaurant Biz
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties
2017 Health Care Heroes