Vanguard has sent me a beneficiary designation verification letter. For the primary beneficiary, it says it will be the person I am married to at the time of my death. For the secondary beneficiary, it says, my descendants “per stirpes.” I have one child. Should the beneficiary designation include his name?
The difference between power of attorney and guardianship is a common question asked by adult children. Both roles share a duty to provide care and oversight of medical care and health.
The coronavirus pandemic has certainly caused havoc and concern for many people, particularly in regard to their health and their finances — and these two areas intersect in estate planning. So, if you haven’t drawn up your estate plans yet, or you think they may need to be revised, now may be a good time to act.”
Estate planning can come in a variety of forms, from basic beneficiary designations when you open a bank or brokerage account to more complex and comprehensive plans.
Having an estate plan can ensure that fiduciaries are identified to oversee and distribute your assets in the way you would have wanted. As a business owner, your ownership assets in your estate may require a more sophisticated level of planning.
Some marriages end in noise and pain. Other marriages drift away quietly with the signing of documents and only a hint of acrimony.
During the past four months, more than 141,000 Americans have died of COVID-19. Anecdotal evidence suggests that the pandemic has prompted some people to get serious about creating or updating their estate plans, according to Christine Benz, Morningstar’s director of personal finance.
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.
More and more often, estate beneficiaries are retaining their own attorneys to make sure that the executor properly administers the estate.
If you pass away with no will, a state court may decide who gets your assets and — if you have children — who will care for them.
