We all value our ability to make choices and determine our own outcomes when it comes to financial and health matters. However, there may come a time for each of us when we are unable to make these decisions.
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After someone dies, their estate enters probate, which is the court-supervised process in which the deceased’s assets are distributed to bill collectors, taxes, and inheritors. While it’s court-supervised, the court usually won’t get too involved, unless there is fighting among family over the estate, or creditors have issues.
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Being designated power of attorney by a relative is an important duty, to be carried out on a trustworthy and honest fashion. The position allows you to make decisions on the person’s behalf should they be unable to them self, due to being incapacitated, old age, or health issues.
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Estate planning and planning a will may sound like the same thing, but are they? The answer is no, and they are both actually very different processes. In terms of similarities, they both instruct relatives on how your property and assets should be handled upon your death. However, estate planning goes further, taking into account your health, finances, and more, while you are alive. In this post, we will examine the differences, and what you should know about your end of life planning.
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Your estate plan is in place to protect your assets from creditors and the future of your family. You are proud of the amount of work you put into your estate, and you want to make sure it is always in top condition. As the New Year approaches, most people make resolutions about losing weight or getting a new job. One of your very important resolutions should be to take the actions necessary to make sure that your estate plan is still as solid as it was the day you and your estate planning attorney finished it.
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For many seniors, your house is your largest asset, so you’re naturally looking to protect it in the event of a medical issue or death. And while you might have a will, it may not be enough to protect your assets. While both are legal documents laying out what you would like to have happen at your time of death, there are several key differences.
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Living trusts are a straightforward way for people to pass their assets on to their intended beneficiaries upon death and a way to bypass probate. They have become more and more popular over the last decade for these reasons. However, for some people, a question arises: Can beneficiary designations replace a trust?
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Some people have the notion that estate planning is for the wealthy. However, it is imperative to realize that without undertaking this process, it’s hard to choose who gets to inherit the assets you have worked so hard for in your life.
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The chances are that you are probably not spending too much time thinking about estate planning. You may be in your prime, but sorting your affairs now may be helpful because you never know when you will leave this world. There are many benefits of estate planning, including saving your family from difficult decisions and getting your property to loved ones quickly. Below, we take a look at the basics of estate planning.
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Most parents plan for their children to be taken care of in the event of their demise. However, providing and taking care of a child includes more than just picking a guardian to raise him/her in case of the parent’s death or incapacitation. It also involves outlining what happens to the finances and property as well as who manages them before the children are of age to take over.
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