Estate Planning Tips From George Washington

One of the many topics followed by this blog concerns recent developments in the area of estate planning. There are some invaluable lessons, however, that a person can learn from Founding Father, George Washington. A review of Washington’s will provides a shining example of how to address issues of communication, clarity, and customization when estate planning. George Washington’s Estate Plans As part of his will and last testament, which became effective in 1799, George Washington articulated his vision for the future. First, Washington bequeathed the use of his estate to his wife and first lady, Martha Washington. Additionally, George Washington used his will to forgive the debts of many of his family members. Furthermore, Washington established a school for orphans and passed on stock.  While Washington passed away over 200 years ago, the goals achieved by his will and last testament are relevant today. Clocking in at over 5,500 words, the will is also remarkably precise. While your estate planning might not require the same degree of care that George Washington’s plans did, there are still some valuable lessons that can be learned from his estate plan documents. The terms of Washington’s last will and testament will hopefully be a [...]