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
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 you 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.
YES, YOU CAN LOSE EVERYTHING!
You may think that your wealth is safe and that you don't need protection.
But don't delude yourself and accept reality — for every 60
minutes you spend making money, spend 60 seconds thinking about how to