End of life planning is never pleasant, but putting some effort into it now can save yourself and your family many headaches down the road. If you have decided to start end of life planning, you may be surprised at how many options there are, and overwhelmed as to what options are best for you. Today, we will discuss life estates and when you will need one.
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These days, it is not unusual to be part of a blended family. Parents get divorced, and when they remarry, they may be bringing their new spouse’s children into the relationship. There may also be property purchases made or other assets attained in the new marriage.
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Despite the best laid plans, things happen in life, and it doesn’t always go the way we plan. That is often the case when a married couple splits up, and separates. Despite the best intentions, it is sometimes unavoidable, and while the emotional and financial fallout can take a lot of energy, it may be worth looking at how these life changes may impact your estate planning.
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Owning your property with another person is called a joint tenancy. While there are certain benefits to owning a property this way, there are also certain drawbacks. In most cases, a joint tenancy boils down to the property’s right of survivorship. If one owner were to pass away, the other owner would take full control of the property. The co-owners of the property all have a right to use and enjoy the property.
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Trusts can play an important role in estate planning for several reasons. If you are looking into estate planning, or are starting the process, it is important to understand what a trust can do for you, and the different types of trusts available. As with anything to do with estate planning, an experienced estate planning attorney at the Mattar Firm who deals in these matters will be able to assist you, and make sure you’re making the decisions best for you.
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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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