Earlier this month, news broke of the tragic circumstances surrounding Philip Seymour Hoffman, a talented actor who died of an apparent drug overdose. Soon after the dust settled, news stories started to come out about Hoffman's will, and how his estate was going to be handled. One of the major elements to his estate was the fact that Hoffman only mentioned his firstborn son. When he signed his will in late 2004, his son was his only child.
Updating your beneficiaries: a crucial step in estate planning
Let's say that, for many years, you didn't get along with one of your children. You didn't speak for many years and, as such, you did not include this child in your will or other documents of importance in your estate plan. But as your health started to decline, the two of you realized that the friction between you simply wasn't worth it. The two of you reconcile and for many years you enjoy a healthy, and long-awaited, relationship.
