Blog Layout

What Ben Franklin Can Teach You About Estate Planning

Cindy Nelson • April 12, 2018

Ben Franklin was famous for many things he did during his lifetime.

He is credited with writing almanacs, discovering electricity, one of the Founding Fathers of the United States of America and more.

One of the things that is not discussed as much, is what Franklin did in his will, through which he had to confront a problem many people face when planning their estates.

The problem?

What to do if you want someone to be able to use your property during life, but ensure that when that person passes away, the property goes to someone else of your choosing.

Franklin used a “life estate” to accomplish this, as The Item reported in “ Ben Franklin’s Will .”

In his will, Franklin left his property in and around Philadelphia to his daughter and her husband for the remainder of their lives. He directed that after they passed away, the property was to be given to their children.

This created a life estate for the daughter and her husband.

Franklin also left instructions as to how the property should be handled, if any of his grandchildren should pass away before their parents and what should be done if any of the grandchildren were still minors when their parents passed away.

It is now more common to accomplish the same thing by using a trust. However, you can still do things the way that Ben Franklin did, by creating a life estate in a will.

Reference: The Item (Oct. 1, 2017) “ Ben Franklin’s Will .”

estate planner
November 18, 2024
In this blog post, we'll discuss why it's never too late to hire an estate planner and the benefits of doing so at any stage in life.
estate planning lawyers
October 15, 2024
Are you wondering about the ways estate planning lawyers can help you? Continue reading to learn more helpful information.
estate planning
September 12, 2024
Read our blog to learn about the top five reasons to start estate planning now. If you need estate planning services, contact our team today!
estate planning attorney
July 18, 2024
In this article, we discuss a quick guide to hiring an experienced estate planning attorney. Read on to discover more about this topic.
July 17, 2024
John's life was upended when both his parents passed away within a month of each other. His father died first, followed shortly by his mother. John, a resident of Louisiana, and his parents who lived in Cobb County, thought they were completely prepared, having named beneficiaries on their accounts to make transferring the assets as easy as possible. Amidst his grief, John discovered they had missed naming a beneficiary on one significant account, which they planned to use for funeral costs. As the Executor of his mother's Last Will & Testament, John now faced the need to probate his mother's estate so he could access and distribute the funds in that account.  Like most people, John had no experience handling such legal matters, and the probate process seemed overwhelming. The thought of managing his parents' estate, especially from a different state, was daunting. He questioned whether he could handle the process and the legal complexities involved.
probate lawyer
June 10, 2024
When someone passes away in Georgia and has a will, it often needs to go through probate. Here are some of the common benefits of using a probate lawyer.
April 29, 2024
In an ever-evolving legal landscape, safeguarding your assets and securing your legal autonomy requires more than any one-size-fits-all approach could possibly provide. At Nelson Elder Care Law , we prioritize building meaningful relationships with families to gain insight into their specific financial, healthcare, and end-of-life goals. We specialize in crafting individualized solutions tailored to each family's unique needs, and educating our clients about the legal solutions that will truly empower them. This family-focused approach, and a deep understanding of the complexities of estate planning and asset protection, led us to create our innovative Absolute Protection Trust™. Unlike competitors' or DIY-internet trusts, we offer a range of unique differentiators that make our Absolute Protection Trust™ the premier choice for securing your assets and providing peace of mind: 1. Unparalleled Assurance and Protection: With an Absolute Protection Trust™, families gain the legal tools to safeguard their assets against unforeseen threats and vulnerabilies. Our comprehensive framework provides personalized protection, so you have the peace of mind that your priorities and goals are honored. 2. Preserve Your Autonomy with our Trust Protector™: Unlike traditional trusts that lack flexibility, ours offers the unique advantage of amending irrevocable trusts through our Trust Protector™. You retain the power to remove a Trustee, and we can modify or amend trust provisions if your life circumstances change, aligning your estate plan with your evolving needs and preferences. 3. Personalized Planning Team: Every family and client's situation is unique, so we provide a personalized legal team led by an experienced attorney to create your estate plan. Throughout the process, you'll meet with the same faces and speak to the same people, providing personalized support and guidance every step of the way. 4. Seamless Transfer of Assets: The wealth of experience and wisdom we've gained from serving more than 5,000 Georgia families over the years has shown us that the most crucial step in protecting your assets is making sure they are correctly transferred to your trust. With an Absolute Protection Trust™, you'll finalize your estate plan with one of our meticulously detailed Funding Managers. Their expertise in trust funding gives you concierge-level service in facilitating the transfer of assets into your trust, reducing client liability and increasing accuracy, letting you rest easy knowing your assets are protected. Contact us today to learn more about how our Absolute Protection Trust™ can benefit you and your family, and take the first step towards securing your legacy for generations to come.
April 5, 2024
How Trusts Minimize Taxes and Maximize Your Wealth. If you are over 65 and made more than $15,700 income in 2023, you are above the filing requirement that makes April less fun.
estate planning lawyers
March 20, 2024
Here are some reasons why it's time to start contacting local estate planning lawyers. Keep reading to learn more about why you shouldn't wait.
More Posts
Share by: