When a physician begins his or her estate planning process, the physician will no doubt need to create a net worth statement. This statement will also need to include a listing of life insurance policies.
It's best to complete your estate planning now, rather than later. You never know when you're going to take your last breath, and if you're still without an estate plan, it can cause low-lying anxiety and stress to think that your family members could be left in a difficult situation if you die.
Men and women have a lot of differences. The answer to the question of what those differences are will be different depending on who you ask. When it comes to estate planning, however, there are some clear differences that most estate planning lawyer can point to.
As adults, we grow increasingly more aware of the costs of long-term medical care as we age. However, when confronted with this potentially unpleasant new information, we are prone to set it aside. Thinking about what we might do for ourselves or a loved one in need of long-term care isn't an easy topic to discuss and plan around, but it is necessary when considering the real costs.
If you're married in California, and you plan for your family to receive all of your assets when you're gone, you might consider skipping the process of drafting the will. However, this would be a mistake. No matter how rich or poor you think you are, a will can be extremely beneficial to your family.
Marriage is about love, and it's certainly beautiful any time two people and their respective families come together through matrimony. However, it's also important to remember that getting married is a legal contract. If you're going into your second marriage, there are a few things that you should think about before finalizing this contract.
Women involved in estate planning with their husbands and extended family members may find themselves with a unique view in the process. While a man might make more money in his lifetime than his wife, she will likely outlive him. And, while the husband might earn the larger portion of household income, his wife is more likely to decide how to spend it on a day-to-day basis. How does it all turn out when it is time to pass on assets?
Grandparents who have the financial means to leave sufficient amounts of money to their children may also want to set aside an inheritance for their grandchildren. However, if you're planning to leave money for your grandkids, you might have some concerns about their age and maturity levels.
The future is full of uncertainties. Given this, there are a variety of protections a person may want to put in place. This includes mechanisms for protecting their assets, children and family in the event the worst happens. Estate planning can provide individuals with a way of putting such protections in place.
Estate planning is one of the most important aspects of life that many people tend to overlook. Reasons for overlooking this issue include people believing they won't need an estate plan until later in life, that they don't have enough assets, that nothing will happen to them at a young age and more. Here are the top reasons why estate planning is so important.