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.
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?
There are many worries a person may have in relation to their family. One thing in particular they may be worried about is what will happen with their family when they pass away. Thus, a question many may have is: what can I do to help ensure there will be proper protections in place for my family when I die?
Oftentimes, the main purpose of estate planning is to maximize the value of your estate for your heirs. However, the process serves other important purposes as well, including taking away uncertainty and leaving a lasting presence on those you love.
One of the decisions that will generally come before a person when they are getting their estate plan in place is how much in assets to leave to their various loved ones. There are many different concerns a person may have when it comes to the issue of how much to leave to loved ones. One thing they might be worried about is that they will end up leaving a beneficiary more than is ultimately good for the beneficiary.
When it comes to their estate planning, an elderly individual may have a great many different goals. Wills can be a very useful estate planning tool when it comes to quite a few different types of estate planning goals. However, there are some estate planning goals that wills, generally, are unable to help with. We will go over two such goals in today's post.
Sometimes, after having previously made a will, a person will make a new will. A question a person may have in such a situation is: What effect does the new will have on the old will?