As an elderly, not having proper planning vehicles in place leaves you vulnerable to exploitation should you become incapacitated. It is critical for both you and your adult children to take proactive measures to prevent the possibility of such abuse. Read here to know the importance of estate planning.
Same-Gender spouses are often challenged when they need to make parental, medical, and financial decisions for partners who are incapacitated or unable to communicate because they may have family members who remain opposed to the validity of their marriage. If you're in the same situation, you especially must need to put a comprehensive estate plan specifically design for your situation to ensure your planning strategies for your loved ones work exactly as you intended. Learn more here.
It is critical that you include a Pet Trust in your estate plan to ensure that your pet, your closest companion, will never end up in an animal shelter and will be taken care of by the right people in the event of your incapacity or death. Read here to know the reasons why your will is not a suitable option for protecting your pet.
Setting up a pet trusts in your estate plan and naming guardian is crucial to ensure that your pet(s) is protected and will never end up in an animal shelter in the event of your potential incapacity or death. Read here some of the most important things to consider when setting up a pet trust.
Proactive measures to help stave off risks posed by the big wealth transfer is important to make sure your wealth is protected and put to the best use possible, regardless of how much or how little wealth you plan to pass on or stand to inherit. Having a comprehensive plan and openly discussing your values and legacy with your loved ones can be a key way to ensure your planning strategies work exactly as you intended. Here are several important actions to take for wealth transfer.
It is crucial to create (and regularly update) an inventory of all your assets, including digital assets in your trust and to immediately amend your plan following events like divorce, deaths, births, and inheritances to ensure that your assets will never be lost and will be inherited by your family.
Your "When I die" file is one crucial part of your plan as it will give your loved ones access to all your planning documents, financial accounts, digital assets, etc. in the event of your potential incapacity or death. Failure to execute this file will result in your family an agonizing work and endless expenses in tracking down your assets and worse, they will all end up as if they never existed. Read here to know how to avoid estate planning failure.
Conflicts frequently erupt in blended families as children, especially from a prior marriage and spouse's interests, often aren't aligned. As Estate Planning mistakes become costly when your family have to sort out disagreements in probate court, it is critical that you clearly state your terms in your estate plan and that you communicate and explain your wishes to your loved ones in person while you're still alive to reduce the chances of conflict and to bring them closer at the same time.
Now that you know exactly what planning is designed to prevent and support, you realized there really is no acceptable excuse for not having an estate plan. Putting up a proper Estate Plan gives you confidence and peace of mind that your loved ones will be provided and cared for no matter what happens to you. Consult with an experienced lawyer like us to guide you step-by-step through the planning process.
A will is an integral part of your estate plan, but it is not enough to protect your wishes in the event of incapacity or death. There’s a common saying among lawyers: “Where there’s a will, there’s a probate.” But having your family end up in court or conflict is no laughing matter. That's why it is important to complete a comprehensive estate plan in addition to the will, including a trust (if needed), advanced health care directive, financial power of attorney, and Kids Protection Plan®.