Estate planning documents often are treated like the photocopied permission slip for a child’s field trip. You fill in your name, include the children’s names and dates of birth and sign. The document is filed away to be used if needed, but you really never expect it to be used.
Too many people mistakenly believe that to have a need for estate planning, you must be old and wealthy. Nothing could be farther from the truth. Once you are a mature adult, independent, and income-producing, it is time to assume the responsibilities of preparing for your future. High on the list is preparing an estate plan with a clear understanding that your plan will be revised to adapt to changing circumstances.
If you get COVID-19 and struggle to breathe, would you want to be put on a ventilator? Whatever your answer, ask yourself another question: Who would make your wishes clear, if you couldn’t speak for yourself?
Without a proper elder law estate plan, the children’s responsibilities are even more exhausting, stressful and sad.
An Advance Directive/Living Will is that type of document. It provides authorization for the termination of life support. It is a document that only you can sign – you cannot delegate the power to make that decision.
Rising divorce rates among Americans over the age of 50 are causing more conflict in estate planning, new data shows. According to a recent survey by TD Wealth, up to 40% of financial planners say that rising gray divorce rates are leading to an increase in family strife with estate planning as the top conflict.
Estate planning attorneys are getting mobbed with questions. Here is some timely advice from three attorneys on what families and business owners should be doing to prepare, in case the unimaginable happens.
Probate can be a long, arduous, and costly process—especially in states that aren’t considered probate-friendly. Enter a workaround that is being used by an increasing number of people: revocable living trusts.
An End-of-Life Checklist can avoid any confusion or questions that may arise among different family members.
A strong long-term care plan spells out where you would like to live, how you plan to get around, and who will oversee your financial and health decisions when you’re incapacitated.
