As we age, planning our end of life care becomes more critical. Advanced planning can help protect assets and reduce the burden on family members when it comes time for end-of-life care. Part of this planning may include the possibility of being incapacitated and requiring someone else to make crucial decisions regarding your health or assets. There are, of course, options for this kind of thing. One way to manage this includes designating power of attorney. There are several kinds of power of attorney that can be granted depending on need and when the Principal would like the authorization to end or expire.
When someone dies without having a will or trust in place, it can lead to confusion over what happens to the person’s estate. In Florida, situations where a will or trust have not been established, the estate is distributed by the terms set-forth in Florida’s law of intestate succession. Essentially, this means the law decides what is a fair distribution of the assets amongst heirs. As can sometimes be the case in these instances, not everyone will always agree to the fairness of the decisions made regarding an estate.
If you have been exploring estate planning, chances are that you have come across both revocable and irrevocable trusts. It is important to understand their differences so you know which one might be right for you. They both offer advantages and disadvantages. How you use them depends on your personal needs, and the needs of your family.
Parents spend most of their life caring for their children and trying to make sure they’re doing well. As we age, however, those roles can reverse, and the child may have to take care of their parents, and make sure they’re doing well. Talking about these kinds of things can be uncomfortable, and the reason a lot of people avoid the conversation altogether. They’re important conversations to have, though, and there are ways to get through them. Here are a few ideas on how to talk to your children about end-of-life care.
It is not all that uncommon to be concerned that the assets or property in a trust will be misused by children. A trust can offer protection for the child and the assets. If you are thinking of placing property into a trust for children, there are some things to consider.
If you have been planning for your assets, and who you’d like them to go to, you’ve probably run across trusts. There are several types of trusts, as well as several reasons why you’d use one to protect your assets, and ensure they go to the right entity. Choosing the right type of trust is vital, as there are significant differences in how they operate. One of the most common versions of a trust is a revocable living trust.
When someone dies, and they do not have a trust set up, their estate goes into the probate. This is a process where the court decides how the estate is divided among heirs and creditors. Many people owe bills to credit card companies, medical facilities, and others when they die. A question many people wonder about is: What happens to unpaid bills in a probate matter?
For some people, estate planning means instituting a trust. While there are several types of trusts that can be funded and put into place, choosing the correct trust is essential to reach your goal. Every trust must designate a trustee. If the Trustee happens to be you, you will have certain duties that need to be carried out. Read on, as we will explain what those duties entail.
Time flies, or so they say. One minute, you are raising a baby, and the next, that baby is a full-grown adult. There are a lot of things that go along with becoming an adult. Going away to college, living independently, and traveling all come along with adulthood. Despite your adult child’s newfound independence, they still may rely on you as their fall-back protection, should things go wrong. If you find yourself in this position, you may want to consider having your adult children give you power of attorney, both financially and medically. And here is why:
Many people who own pets consider them part of the family. While they may not factor into your estate planning, they should, in order to ensure they are being taken care of properly. Of course, you can’t leave property to your pets, as they’re not capable of owning it. However, there are other things you can do to make sure they are happy and living the good life after you are gone. Your estate plan can ensure that your pets go to a caring person, and that the person has the resources to take care of them.
