Your client suffers cardiac arrest on an airplane. He is conscious and alert but his vital signs are not good. His physician things that he could have a fatal heart attack at any time.
You (CFP) and the attorney are discussing your client's estate plan on the plane. He tells you that your client has not implemented any estate plan. He discloses that he has no spouse and no children but he does have six brothers and sisters. He does not have a will and he has not created a trust. He mentions that he thinks he has an estate worth $300,000,000.00. He is very proud of his musical legacy and his place in the history of rock and roll.
- You are concerned he will die before the plane lands. What do you suggest he do while he is on the plane?
- Then assume that your client survives the plane ride, is still alert but is terminal and may die in the next few days. What is the one thing he should do?