When making a will, you’ll work with an estate planner todesignate those who will inherit from you. The persons (or entities, such as a charity) you choose are the beneficiaries of your will.
What would happen if you became seriously ill or injured and were no longer able to make your health care decisions? A living will can outline your wishes so your loved ones can make informed decisions about your care in an emergency.
In general, the probate process moves quickly if the estate has minimal assets and little debt. Larger estates can take anywhere from nine months to a few years, especially with problematic family dynamics.
While joint accounts can be useful in certain circumstances, they can have dire consequences if not used properly. Adding a loved one to a bank account can expose you to their creditors and affect Medicaid planning.
Wills and trusts are foundational estate planning tools. While each is used to distribute your hard-earned assets to your loved ones, they do so in different ways. Each also has its own distinct uses and advantages.
When a loved one passes away, it’s important to get a death certificate. This document is necessary to handle the financial and legal affairs of the deceased person.
Today, an increasing number of people are planning their own funerals or memorial services. They may also designate their funeral preferences in detail and sometimes even pay for a funeral ceremony in advance.
Nearly one-third of young adults don’t have a budget, which creates a huge stumbling block for financial success. Give your children the tools they need to control their money instead of wondering where it went.
AARP reports that Baby Boomers are the generation with the highest divorce rates. Divorce among older adults in the United States has been on the rise since 1990. By 2019, 36 percent of divorces involved people 50 and older.
Storing important documents in digital form provides convenient copies that can be accessed by trusted individuals involved in your estate planning. They will also need access to online accounts in emergencies.