Adding a trust to your estate plan is a big decision, as this will alter the moves you make today and in the future. It also changes what happens to your estate upon your passing.
Because of a loved one's medical expertise or your trust in their decision-making, you know who you want to designate as a power of attorney for healthcare. If you become incapacitated, you want to have created a sound legal form of your wishes.
Although you may have a divorce in your past, it doesn't mean you'll never tie the knot again. If you decide to once again go down the path of marriage, it's important to understand how it will impact every facet of your personal and financial life.
One would reasonably assume that when Aretha Franklin died last month, she had a detailed estate plan in place. The "Queen of Soul," who succumbed at the age of 76 to pancreatic cancer, in fact, didn't even have a will.
If a child or another loved one has a disability, you may want to consider the benefits of creating a special needs trust. There are many reasons to learn more, including the fact that the use of a trust could help this person long after you are gone.