The word “estate” has always been connected to “ultra-rich” families, those with a lot to leave behind after their death. However, definitions have changed, and anyone who has anything to leave behind needs to plan their estate. “Estate planning” essentially becomes your family’s guidebook, once you are no longer in the picture. Sounds important? Definitely, and here’s why.
The wave of people prompted by the COVID-19 pandemic to write their wills is creating yet another wave in estate planning: all the people being asked to one day put those wills into effect.
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.
Responsibility for the various actions can be divided among family members and close friends of the deceased.
Revocable trusts are a very popular and effective estate-planning tool. However, the trust will be ineffective, if you do not actually place your assets in the trust.
Few retirees have all of these documents that are crucial to their golden years — especially during a pandemic.
When something is tailored to one’s needs, everything can go smoother.
Has a family member or close friend asked you to serve as their executor, trustee or power of attorney? If you accepted the responsibility, do you know what this entails? Have you been given a copy of the documents you were named under? Do you know when you would begin serving in these roles? These are all important questions to ask or consider.
There are continuing misconceptions regarding what powers are held by a personal representative and when he can exercise them.
Most people can't wait for retirement, and even more would likely opt for some form of early retirement, if they had the opportunity. Whenever you ultimately decide to cut down your time at work or leave the workforce altogether, you need to ensure that you have a full slate of estate planning documents in place.
