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.
One in four American adults live with a disability, according to the Center for Disease Control. One in 10 adults over the age of 65 has Alzheimer’s or dementia, according to the Alzheimer’s Association.
One essential component of your financial plan involves designating power of attorney to someone you trust, in case you are incapacitated or unable to complete a task on your own.
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.
An End-of-Life Checklist can avoid any confusion or questions that may arise among different family members.
Estate planning attorneys will agree that it is better to die with a properly drafted will, than to die without one. If you don’t have one, consider getting one.
It's never too early to start estate planning. If you already have a family, getting your personal affairs in order is a must. The sooner you start planning, the more prepared you will be for life's unexpected twists and turns.
