You might not think you need an estate plan. Maybe you are uncomfortable thinking about death currently in your life. Maybe you don’t have many assets to give your family after your death. Maybe you simply expect your spouse to get everything. No matter the reason, though, it is important to know what will happen to your estate if you…
When asked, most people agree that they want to avoid living in a nursing home or other long-term care facility as long as possible. The majority of seniors prefer to stay in their homes to maintain their privacy and dignity. Their home may also contain many happy memories of their marriage and their children, so they may understandably want to…
Creating an estate plan can be a grim but necessary chore. If you already have your end of life plans in order, you’re far ahead of the curve. Only four in every 10 adults in the U.S. have a will, and the top reason cited for not having one is “I haven’t gotten around to it yet.” However, having an estate plan…
When a person dies, all their possessions and assets go into their estate to await distribution. An individual must then manage and distribute these assets per the instructions of the will. This person is the executor. Being chosen as an executor means that the deceased individual trusts that person to distribute their assets honestly and fairly. Being named as an…
You don’t need to be super-rich to benefit from a well-crafted estate plan. However, it’s crucial that it’s done correctly so you can take care of the people close to you. A basic estate plan consists of three main documents – a will, a health care proxy and a durable power of attorney. The final two designate others to handle…
Many people think that estate planning is a task reserved for older generations. Others simply put it off because it can be difficult to confront the idea of mortality. But the purpose of an estate plan is to make sure you and your family are prepared for the future. And since life can be unexpected, it doesn’t hurt to take…
If you are working on your estate plan, you’re probably also thinking your future medical situation. It’s a good idea to decide what choices you would like to be made in the event that you are unable to speak for yourself. Depending on your preferences, you may want to create an advanced directive or specific medical order. Advanced directives An…
When you hear the words “estate planning,” you probably imagine expensive estates owned by celebrities or wealthy families. You probably don’t think that estate planning even applies to you – it’s for rich people who have multimillion-dollar homes and luxury cars. What can estate planning do for you? Why should you bother? Estate planning is not only for rich families.…
Estate planning is largely about taking care of your family when you pass, but it’s not the only aim. You’ll also need to look out for yourself in case of hard times, but it can be hard when you don’t have the proper medical planning in place. An analysis by Health Affairs revealed that a mere 37% of people have…
