Estate planning is a crucial process that ensures an individual's assets and healthcare preferences are handled according to their wishes upon their passing or if they become incapacitated. This process involves several key components, each serving distinct functions...
Estate Planning
What should you do about an estate plan after divorce?
Creating a new estate plan after a divorce is a critical step that often gets overlooked in the whirlwind of changes that divorce brings. An estate plan crafted during a marriage typically includes the former spouse in various roles and benefits, which may no longer...
The fundamental elements of guardianship provisions
One of the most important elements of a comprehensive estate plan is the guardianship provision for your children. Appointing someone to care for your children after your death is a big decision. When you finally make a choice, you need to draft a guardianship...
Choosing the right trustee
A living trust is an effective estate planning instrument that combines your property and assets into one secure entity. It allows you to maintain control over your assets while alive and distribute them to your named beneficiaries when you are gone. You must assign a...
What does a special needs trustee do?
It can be worrisome to have a child who has a serious disability. After all, your son or daughter might not be able to work as an adult. Luckily, there are probably some public benefits available, provided your child has limited assets and income. As you probably...
What are your long-term care options?
Whether you are a child of elderly parents or anticipate needing care in the near future, it is important to understand your options. Making a long-term care plan ahead of time, with those options in mind, may help avoid unwanted communication problems with your...
Consider how to pay for your funeral during estate planning
When you start your estate planning, there are probably things on your mind like who inherits your estate or what powers of attorney need establishing. Depending on your situation, there may be pieces of tangible property to identify like your house as well as...
How can you approach the topic of estate planning with your parents?
Every adult should have an estate plan. If you worry about your parents' estate plan, it may be time to have a conversation about it. According to Business insider, you need to know how to bring it up gently to have a conversation. Find a reason to bring up the estate...
Why you need a well-drafted, well-considered will
If you are like many others, you may think that you do not need an estate plan or will until you hit your 50s, 60s or older. However, you have probably realized that every day is a gift, and tomorrow is not guaranteed. You can protect your heirs and mitigate or...
When should you update your estate plan?
Creating an estate plan is crucial to protecting your assets and family after you are gone. However, you must also update your will and other estate planning documents as your life changes. Numerous situations call for a review of your estate plan to make certain it...