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March 2, 2013

Did you realize how much you could have learned from “Downton Abbey”?

Kelly Greene’s March 1st article outlined some of the lessons from the British drama.

The timing and occurrence of future events require advanced planning.  The planning should include: who should get the assets, the management of the assets and how the assets should be used.

Keeping the family informed of one’s intention is important.  This is especially true for non-traditional and blended families.  The importance of medical directives was vividly demonstrated in the series.

Providing for family members and business associates in the event of incapacity or death is evident from the events portrayed in this TV drama.  Trusts, wills, powers of attorney and other agreements will see that the financial assets are used as intended.  Well drafted documents will provide for how the assets will be used and managed.  Experienced professionals can draft the documents to provide for the control of the assets and the flexibility in the case of future conflicts.

Change happens in life.  We need to monitor what is happening.  In the show an investment loss illustrated the importance of monitoring investments, the need for investment diversification and the need to change.

Involving the family early in the process can be very beneficial.  This helps avoid misunderstandings and provides a mechanism for implementing the plan.

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