Estate plans are one of the most comprehensive ways to plan for the unexpected, but the whirling vortex of legal terms can leave you confused and concerned. With a host of similar-sounding terms, in your paperwork, you may face some uncertainty about potential gaps in your estate plan. The confusion surrounding the terms “health care directive” and “health care proxy”…
When a senior’s cognitive abilities begin to slip, it starts to affect their ability to maintain their independence and make meaningful decisions. Whether due to the onset of dementia or other related health issues, if you have a parent who can no longer make rational decisions regarding their finances, health care or other essential aspects of life, pursuing legal guardianship…
People are living much longer in the modern era. Advancements in medical treatments and technologies mean that people nearing retirement age will likely enjoy 20 to 30 more years of life. However, these Baby Boomers need to plan properly. About 70% of Americans age 65 or older will require long-term medical care. These late-in-life treatments can be expensive, so people…
While there is a great deal of misinformation surrounding estate planning, the fact of the matter is everyone could benefit from having an end-of-life plan in place. Without one, state laws will dictate what happens to all of your belongings – and how much of your estate your beneficiaries should receive. If you wish to have a say in how…
No one wants to plan for their end of life, but it’s a necessary evil if you want some say in what happens should you die or become incapacitated. After you pass on, an estate plan isn’t so much for you as it is for your family and loved ones– and that includes your four-legged friends. It may seem unnecessary…
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…
