Estate planning attorneys always emphasize the fact that there is no one universal approach that is right for each and every person. The optimal way to proceed will depend upon the circumstances, and this one of the major reasons why it is important to work with a qualified lawyer. This being stated, there are certain core components that an estate planning will have in a general sense. Let’s look at the essentials that should be addressed in every estate plan. Asset Transfers Far too many … [Read more...] about Estate Planning: Cover These Bases
A lot of people like to roll up their sleeves and embrace do-it-yourself projects, and there is certainly nothing wrong with taking the initiative to get things done on your own. It can save you money, and it can become an enjoyable hobby. This being stated, it is important to know where to draw the line when it comes to the DIY phenomenon. Objective Analysis There are websites on the Internet that sell do-it-yourself legal documents, including last wills and other estate planning devices. … [Read more...] about Why Can’t I Just Plan My Own Estate?
Planning for the future sometimes involves considering uncomfortable topics such as mental or physical incapacity. To prepare for this eventuality you will need to select an individual who can handle your financial and medical affairs. If you have established a revocable living trust your successor trustee would be in a position to manage your assets in trust. A durable power of attorney would authorize the agent that you select to manage your assets that you own that are not in trust. The … [Read more...] about Health Care Proxy Needs Authorization
If you are one that likes to be prepared for life's eventualities then you should consider the possibility of mental incapacity. According to the Alzheimer's Association 13% of senior citizens suffer from Alzheimer's disease, and this rises to about 40% among individuals who have reached the age of 85. Alzheimer's causes dementia among other things and people who are suffering from dementia can find themselves unable to make sound decisions. To prepare yourself, you may want to consider … [Read more...] about Proper Planning Can Prevent Guardianships
When you are engaged in legacy planning you are likely to recognize the fact that the period preceding your death is going to have to be planned for as well. Long-term planning that includes your retirement, your twilight years, and the ultimate distribution of your assets after your death is key if you want to be completely prepared. Mapping out an intelligently conceived path with the assistance of an estate planning attorney is clearly the prudent course of action. People who seem to have all … [Read more...] about Elder Law Issues To Consider
Though there are estates that will require some complex plans, the majority of people are going to have to concern themselves with two major issues. The first one is very obvious: you must execute a vehicle or vehicles of asset transfer. The most common way to leave your property to your loved ones is through the utilization of a last will. Though the last will is the most widely used vehicle of asset transfer, it is not always the best one. When you use a last will your estate must pass through … [Read more...] about Estate Planning Demystified
When someone mentions estate planning you probably think of wills and trusts , but it may be useful to look at the broader picture. We are all aware of the need to engage in retirement planning, and of course preparing for the distribution of your remaining assets to your loved ones after you pass away. But what about planning for the unexpected while you are still living? Everyone wants to live a long and robust life, and indeed lifespans are expanding and people are living longer than ever. … [Read more...] about Are Your Advance Directives In Place?