We know it has been a few years since True Blood was on tv and the vampire king of Mississippi ruled these lands, but Palmer & Slay’s estate planning team still wants to know who inherited the Longwood Mansion and the rest of Russell Edgington’s 3,000 year old estate.
We hope that Russell had an estate plan in place because if True Blood and other vampire stories like Buffy and Twilight taught us anything, it’s that vampire deaths are messy. Literally. But also in the sense that someone who has walked the earth for centuries has had a lot of time to accumulate assets they may want to see passed on to loved ones or used to support a cause they care about.
What Would Your Average Vampire’s Estate Plan Include?
No two estate plans are alike. While the Palmer & Slay team may recommend most of our clients execute the same sort of estate planning documents — a will, various trusts, and power of attorney documents — the contents of those documents are always customized to fit the needs of their creator.
Thinking about how these documents might be crafted to fit the needs of someone who plans to live forever is interesting.
- Will – Every estate plan starts with a will. It is the basic document that tells the courts you did some sort of end of life planning so the state of Mississippi doesn’t need to step in and do it for you. Humans should update their wills every five years or so to make sure they have an appropriate person named as guardian of their minor children and administrator of their estate. With their longer lifespan, vampires would need to do this less frequently but could run into problems if they continue to outlive everyone named in their will.
- Trusts – As high net worth individuals, vampires would want to work with an experienced estate planning attorney and probably a financial planner to ensure all their assets won’t end up in Uncle Sam’s pockets. It might also be desirable to put assets in trust so it is not obvious that a single person has owned them for ages. Trusts are great for ensuring privacy as well as avoiding taxes.
- Durable Power of Attorney – Vampires rarely become incapacitated, so it is unlikely they would need to execute a healthcare power of attorney document, but they might want a durable power of attorney document that gives someone else the authority to manage their financial and legal affairs in a pinch.
We are obviously just scratching the surface here and speaking in generalities since no vampires have visited our Brandon, Mississippi office for estate planning advice (that we know of!). But this is a great reminder that estate plans are for everyone — even the undead.
Preserving Your Wealth. Protecting Your Loved Ones.
The experienced estate planning attorneys at Palmer & Slay PLLC are ready to discuss your unique estate planning needs and craft a plan that works for you. Please contact us today to schedule a meeting.