When creating an estate plan, most of your attention will go toward what happens to your assets upon your death. This is a big deal, but it's not the only thing to think about. You also have to plan for a potential incapacity down the road.
The idea of creating an estate plan may not thrill you, but once you complete the process, you'll look back and realize it was the right thing to do. Furthermore, with an estate plan in place, you'll have more peace of mind in regard to the future.
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.
There is a big difference between choosing any guardian and choosing the right guardian. When creating an estate plan, this may be something that weighs on your mind. Although it's a tough decision to make, you can only put it off for so long.
Even if you have everything in order for your estate, there may be some challenges that stand in your way at some point. Unfortunately, you have to address all estate planning issues, even those that require more of your time and attention.
When creating a will, you spend most your time making decisions regarding who will receive your assets when you pass on. While this is important, there's a big question to answer: Who will you choose as the executor of your will?
Creating a will is one of the most important things you can do in life. You don't want to go through life, especially if you reach various milestones, without the legal protection of a will. Furthermore, a will should be updated when you get a job, get married, have children, have grandchildren, get divorced, when other important elements of your family change and when someone close to you in life dies.
If you find yourself moving into your second marriage, you'll need to answer a variety of questions regarding your finances and future.
Many young adults don't realize that they need an estate plan to govern what happens if they can't make decisions for themselves or if they become incapacitated. Unfortunately, this oversight can have a negative impact on the people who are close to that young adult. We understand that starting out a life on your own and trying to build up that life can be complicated, but you should take the time to evaluate your goals and set your estate plan accordingly.