What happens after a person dies can have major impacts on their friends, family and legacy. Despite this, many Americans continue to put off making any formal plans for controlling what will happen with things such as their assets after they pass away.
Many people have certain expectations about their eventual death. This includes assumptions about who they will die before and who will die before them. When a person forms a will, these expectations often inform their primary plans for what will happen with their assets when they die, such as who they designate as beneficiaries.
Given that we are almost a week into 2017, chances are very good that those individuals who made New Year's resolutions are now finding it harder to break their old habits and stick to their new goals. Indeed, the regular trips to the gym might already be getting increasingly tedious while the ability to resist that extra dinner portion might be getting increasingly difficult.
All too often, people are aware of the need to create an estate plan and the inherent value in doing so, yet fail to take the necessary action. For some, this inaction can be attributed to discomfort with addressing the always sensitive issue of their own mortality, while for others it can be attributed to the mistaken belief that the process of creating even a simple will prove to be beyond their understanding.
Some seniors are married during most or all of their elderly years, while others are single during these years. A recent report indicates that women are more likely to be in the latter group than men are.
Charitable giving does not have to be a standalone process. Rather, when supporting charities is among a person’s goals, they can incorporate their charitable giving into their larger overall plans, such as their estate plan, through planned giving.
As a young married couple is starting a family, the present can be a remarkably busy time. Thus, couples in this situation might be tempted to leave planning for the future as something to handle at a later date.
One of the big things parents are focused on is the care of their children. For some parents, though, their children are not the only family members they might be caring for. This is particularly the case for parents who fall into the “sandwich generation.”
Setting out what will happen in the future with the real estate they have is among the things an elderly individual can do in their estate plan. Now, each particular type of real estate has its own unique aspects and circumstances, and thus can raise its own particular issues when it comes to estate planning.