Know that no matter how poor or rich your parents are, they must have an estate plan in place because their affairs will affect you and become your responsibility if they become incapacitated or die. Their estate plan ensures that their assets will be distributed to their heirs according to their personal wishes, no matter how much or how little they can be. If you do not know whether or not your parents have an estate plan in place that will help you best support them, read on!
Today, It’s critically important to have the appropriate safeguards in place to reduce the risk of fraud and identity theft, especially for your senior parents. Because your parents are unlikely to be as savvy about digital technology and may be losing some of their powers of discernment as they age, it will almost certainly be up to you to help them in protecting themselves—and ultimately, your inheritance.
Given the growing number of seniors, the prevalence of diminished capacity associated with aging, and the concentration of wealth among elderly Baby Boomers, we're likely to see a serious surge in the number of cases involving undue influence in the coming years. This kind of elder abuse can disastrously affect your aging parents' and other senior relatives' estate planning. Be aware, educated, and empowered in knowing what risks are for your elderly loved ones—and for your future inheritance.
While a will is a necessary part of most estate plans, your will is typically a very small part of a comprehensive estate plan. A will alone cannot guarantee that your family will not go to court if you become incapacitated or when you die. If you want to learn why? Here are the things you should not expect your will to accomplish!
If you're looking to collect life insurance proceeds as the policy's beneficiary, the process is fairly simple. However, during the emotional period immediately following a loved one's death, it could feel as if your entire world is falling apart, so it's helpful to understand what steps you need to take to access the insurance funds as quickly and easily as possible.
Regardless of what industry you're in, the reality of being a business owner is that you open yourself up to a number of unique risks that most people don't have to worry about—and the more successful your business is, the more risks you face. And because most business owners aren't fully aware of all the potential risks that can affect their company or the options available to protect their personal assets from the risks of doing business. This is where asset protection planning comes in.
Smaller items, like family heirlooms and keepsakes, which may not have a high dollar value, frequently have the most sentimental value for our family members. But for some reason, these personal possessions are often not specifically accounted for in wills, trusts, and other estate planning documents. To ensure your heirlooms and keepsakes don’t create unnecessary conflicts among your heirs, ensure that your estate plan includes all of your assets, especially your family heirlooms and keepsakes.
One of the most difficult things to do is think about the possibility we may die unexpectedly or too early, leaving our children without one of the most important people in their lives. That's why protecting your children in any way possible, including legally, would be at the top of your priority. Create a legal plan to protect your children if something happens to you. This is one of the best Father's Day gifts you can give yourself and the people you love.
If a family member or friend has asked you to serve as trustee for their trust either during their life or upon their death, it's a big honor—this means they consider you among the most honest, reliable, and responsible people they know. However, you should know that being a trustee takes a major responsibility, and the role is definitely not applicable to everyone. Here's why!
The DIY approach might be a good idea if you're looking to build a new deck for your backyard, but when it comes to estate planning, it's actually one of the worst choices you can make. Are you really willing to put your family's well-being and wealth at risk just to save a few bucks? Don't wait that these mistakes won't be discovered until you're gone. Here, we wrap up the list with the remaining five mistakes your family can't afford to make.