After a loved one or family member passes away, one of the most divisive and difficult moments of the event can be dealing with the will. This is a crucial document to the deceased individual's estate plan, and it dictates how much of the estate will be distributed and handled after he or she has passed.
Young adults may feel a temptation to put off planning for things like what would happen upon their incapacity or death. After all, a young adult will have plenty of years ahead of them to tackle these planning issues, right?
Many types of assets are subject to going through the probate process when a person dies. However, not all are. Certain types of assets skip probate when a person dies. These assets are called non-probate assets.
When a senior is thinking about the possibility of having to leave their home and move into an elder care facility, there are many worries they may have. They may be concerned about the emotions of leaving a long-time family home, how much independence they would lose by moving into a facility and what long-term financial implications them moving to an elder care facility would have on them and their family. Thus, most elderly individuals hope to stay in their own home, and out of a care facility, as long as possible.
When a person sets up an after-death gift of assets to a loved one, they generally want as much of that after-death gift to go to their loved one as possible. Thus, one thing they might be concerned about is the possibility of portions of the gift being directed away from their loved one towards others. An example of a type of such asset redirection that one might be worried about happening after their death is their loved one losing portions of the gifted assets through creditor actions or lawsuits.