Yes, even the undead need an estate plan. Go ahead and laugh. But as we’ve learned from the likes of The Vampire Chronicles, the Twilight saga, and HBO’s True Blood, vampires aren’t immortal. They do die, and it’s usually unexpected and messy.
While vampires aren’t necessarily good candidates for life insurance and probably don’t need a Living Will – after all, their wounds seem to heal quickly and they never end up in the hospital – they should have a Power of Attorney to allow Mrs. Dracula or Dracula Jr. to manage finances just in case they need to take an extended trip.
And what happens if someone sues Dracula? A good asset protection plan will insure that his hard earned assets aren’t wasted away defending an expensive lawsuit and snatched up by a judgment holder.
And, of course, Dracula might cross paths with Buffy the Vampire Slayer or run out of gas in the middle of the desert at dawn (a situation in which terrible things always happen). While not likely, these things are nonetheless possible and will lead to that messy and unexpected death. That’s where a will and trust come in handy – directing who will be in charge of settling Dracula’s final affairs and who will inherit his black capes and other underworldly possessions. And what about Dracula Jr.: what if he’s still a toddler or an adult who isn’t financially savvy? A trust can be used to protect Jr. in either situation. And then there’s always the concern that Mrs. Dracula will remarry. A trust can be used to provide for Mrs. Dracula during her lifetime but ensure that what’s left when she bursts into flames goes to Dracula Jr. and his children. Oh, and these trusts can include creditor protection, and tax planning that’s designed to minimize taxes for years to come.
If it’s clear that even vampires and the other undead need an estate plan, what about you? What are you, a mere mortal, waiting for? Without an estate plan your final wishes will remain a mystery. Worse yet, your state’s laws will provide your estate with a default plan that your loved ones will be stuck with and which likely won’t be the plan you wanted. Now is the time to create your estate plan on your own terms. Please call our office now to arrange for your estate planning consultation.
Nielsen Law PLLC provides family focused estate planning to individuals and families in Austin, Round Rock, Cedar Park, and the Central Texas area. For more information and to learn about our firm, please contact us. (And happy Halloween!)
If you’d like to know more about the history of vampires, read here.