Mark Kohler explains what happens when you die without an estate plan: family fights over pets, guns, pianos, and cryptocurrency keys. A million-dollar windfall can destroy a young adult's judgment. Planning forces you to think through who gets what and why.
60% of Americans have a household pet. And so who's going to raise that pet? Are you going to leave money to a guardian of the pet? Clients have guns, pianos, wedding rings, art, cars, collectibles, cryptocurrency with keys somewhere. There's a lot of things out there that, if you don't leave in an organized way, could be fought over, ruin relationships. Money does weird things. Some people feel like, well, my kids, they're better. They're 21. But they're really good with money. You know, you drop a million dollars in their lap, they might be a little different on day two. And so you've just got to have a realist point of view. And these personal property items, you can really have some fun with. How that sounds crazy, but how you want to distribute that to your family in creative ways.
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