What a person does during their life can have significant ramifications on what happens after their death, such as how things go for their family and friends after they pass away. This is especially the case when it comes to what they do (or don’t do) in the realm of estate planning.
One of the crucial facts that people need to accept about estate planning is that it is important to prepare your estate plan early in life. You want to have everything organized and ready when you are young so that if the unexpected happens, you and your estate are prepared.
One thing that has become increasingly common in the U.S. is elderly individuals continuing to work rather than going into retirement.
Among the things a person may care greatly about is the legacy they leave behind. A desire to build the type of legacy they want and control what their legacy will be can be a driving force in many of a person’s actions, including how they conduct themselves in their business and personal dealings, how they get involved in their community and what sorts of things they build and create (like businesses).
When a big change happens in a person's life, such as a marriage, the birth of a child, a major change in employment situation or a big financial gain or loss, a lot of the person's thoughts might be on the present and the immediate ramifications of the change. However, in the wake of these sorts of events, thinking about issues regarding the future can also be extremely important, as these events can have big impacts on the future as well as the present.
There are certain things state law requires a person to do in order for a will to be valid. There are other will-related actions that such laws do not require, but do make available as an option. In Massachusetts, one of the things that falls into the latter category is having a self-proving affidavit for one's will.
The transition into retirement can be a very critical and complicated time. Thus, as a person is approaching retirement, it is very important for them to have the right sort of finance-related planning in place for their particular circumstances.
When an unexpected event occurs that incapacitates a person or causes them to suffer an early death, whether or not they have an estate plan can make a huge difference on the situation. Thus, actually taking action to get an estate plan in place is important for adults in all stages of life. It is always good to be prepared for the unexpected.
Many seniors have a picture in their head of what their elderly years will be like. Sometimes though, unexpected events occur which can completely change the equation. One such event is developing a degenerative disease, such as Parkinson's.
In estate planning, one thing it can be very important to be aware of is if any of your assets raise special estate planning issues. One special estate planning issue some assets raise is unpredictability when it comes to the ability to pass on the asset upon death. One asset that has such unpredictability connected to it are airline miles.