Death of a Salesperson
Seven tips on how to ensure your estate is properly administered
By Hillel L. Presser
As a Salesperson, you generally are more concerned with the "now" as you live your life sale by sale. However, Salespersons, too, should have an Estate Plan in the event of their death or incapacity. This is especially necessary as the travel involved in a Salesperson's job exposes them to a much higher physical liability than the average person who just travels to and from an office nearby.
What if you get into a car accident? Your plane crashes? Or, something else traumatic happens. Most people don't want to think about these things, but the bottom line is that you have to as a Salesperson! And if you do, your family will have a plan to follow rather than have to deal with the State in negotiating your physical, personal and business interests.
The following are seven tips to keep in mind when deciding what happens to your estate upon your death.
- Do Your Homework: Educate yourself on simple estate planning terminology, so that you understand your Estate Plan when you are setting it up. Know what estate taxes your estate may be liable for upon your death so that you plan accordingly.
- Keep Records: You want to make sure to have a record of any residual income so that if you become incapacitated or die, your successor can make sure that you or your estate do not lose income which you are entitled to.
- Have Supplemental Documents Available in Case of Incapacity:You should have a health care surrogate to make medical decisions for you if you can't make them yourselves. You should have a durable power of attorney so someone has the authority to handle your business and financial affairs; and you should have a Living Will if you don't want extra measures taken to preserve your life if you are in a vegetative state.
- Prepare a Last Will and Testament: If you don't do this, then the State you live in upon your death determines where your assets go. That means, unintended beneficiaries will be the likely candidates for inheriting your estate, leaving your loved ones out in the cold.
- The Living Trust: Use a Trust in conjunction with your Will to ensure that all of your assets go to intended beneficiaries without the necessity for probate administration.
- Have a Life Insurance Policy: It is important for you to have life insurance and other similar benefits to offset the burial and other expenses upon your passing. Your death will be hard enough on your loved ones, so you want to make it as simple as possible for them to tie up these unfortunate loose ends.
- Review and Update Beneficiary Designations: There are a few definite times you should review your Estate Plan. You should review your Estate Plan at least once every 5 years as a general rule. You should immediately review your Estate Plan upon moving to a new state, as some clauses in your original plan may be inapplicable or unenforceable in your new State. And, you should review your Estate Plan when you marry, divorce, re-marry or have children.
For more information regarding Asset Protection, Estate Planning, or to schedule a complimentary preliminary consultation with Attorney Mr. Presser, contact our offices via Contact Form, E-Mail or Phone.
