A POA, or power of attorney, is a common estate planning device that allows you to name an attorney-in-fact to handle your financial assets if needed. Attorney-in-fact When you create a Power of Attorney, you will have to decide what family member or friend is best suited for the position of Attorney-in-fact. If you are [...]
Most people over the age of sixty-five will need some sort of long term care before their death. With such high odds, you should plan for your long term care and discuss your choices with your family. Weigh Your Options There are a variety of long term care options ranging from day time only care [...]
If you are a parent with young children, it is imperative to name a Guardian to care for your children in the event that you and your spouse pass away. The consideration that your children may grow up without you can be heart-breaking, but don’t let that be a deterrent to choosing a Guardian during [...]
If you count a furry loved one among your family members it is important to provide for his or her care after your death. You can create a pet plan by naming someone to take your pet in after you have gone and by leaving funds for your pet’s medical care and daily needs. Name [...]
Creating an estate plan is the only way to guarantee that your loved ones receive the inheritance you wish to bequeath. You should not only create an estate plan, but you should also check it regularly to ensure it is up to date. Marital Status Change If you get married or divorced you should update [...]
An estate plan is a way to ensure your family members are financially stable and have a place to live after your death. When you begin your estate plan, you will choose between using a Last Will and Testament or a Revocable Living Trust. Both legal devices allow you to pass property and financial assets [...]
Having retirement accounts is essential to ensure you have a source of income when you have finished working, but what happens to these accounts when you pass away. Ideally, each retirement account should pass to your chosen beneficiary. Name Account Beneficiaries Each financial institution where you have a retirement account can provide you with a [...]
Probate, the court process to settle an estate, can be a costly venture. The longer probate takes, the higher the cost will be. Lengthy probates occur most often with large estates, complicated estates, or estates with no Will. Here are some common probate costs your estate may endure. Legal fees Attorney fees are usually the [...]
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Estate Planning
Life insurance is a contract that allows you to name a beneficiary to receive a specific amount of money in the event of your death. This type of insurance may be purchased at any time during your life. If you have people who depend upon you financially, life insurance is a must have. Replace Your [...]
If you have ever been through a probate procedure before, you may already understand the hassle and expense that comes with this lengthy process. Did you know that you can take measures to help your family avoid probate when settling your estate? A Revocable Living Trust is a common tool for evading probate. What It [...]
