The sudden deaths of fashion designer Kate Spade and chef and storyteller Anthony Bourdain are sparking discussions about mental health. They’re also a stark reminder that a sudden death can affect any family.
CNBC’s article, “Sudden deaths like those of Kate Spade and Anthony Bourdain can devastate family finances,”explains that a number of the leading causes of death in the US are events that happen without warning. These are things like heart disease, accidents, stroke, and suicide, which are among the leading causes of death across the country, according to data from the Centers for Disease Control and Prevention.
An unexpected death has a tremendous impact on a family—mentally, emotionally and physically. In addition, it can also affect family finances, depending on the amount of planning the deceased had in place. Think about these items in the event that an unexpected death occurs.
Everyone should do estate planning, so that they don’t leave behind a big mess. Work with an attorney to draft the basic estate planning documents, like a will, power of attorney, and healthcare proxy.
When you work with an experienced estate planning attorney to draw up these documents, be sure that to communicate both the name of your attorney who drafted the documents and your wishes to your loved ones.
You should also make sure that your plans are up to date. Review your estate planning documents periodically, especially when there are life-changing events, such as marriage, separation, divorce, or the birth or adoption of a child. You should also talk to your attorney about any changes in the law.
Reference: CNBC (June 8, 2018) “Sudden deaths like those of Kate Spade and Anthony Bourdain can devastate family finances”
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