Without the proper estate planning, there can be a tough transition when a loved one dies. In the face of grief, an estate plan helps you to make the important decisions for moving forward in your life and processing your emotions in a healthy way.
Last week we discussed how it’s a common misconception to think that if you don’t have children, you don’t need to worry about estate planning. But the fact is, it can be even MORE important to do estate planning if you have no children.
It’s a common misconception to think that if you don’t have children, you don’t need to worry about estate planning. But the fact is, it can be even MORE important to do estate planning if you have no children.
Learn the 6 steps to select and how to name a guardian for your children. One of your most important responsibilities as a parent is to select and legally document guardians for your children. This is part of a more comprehensive plan to ensure the well-being of your children and the assets you’re leaving behind, no matter what happens.
Do you know how to name a guardian for your children? Learn the basic steps to select to name a legal guardian. It’s vital to complete this process immediately, so you know that who you care about most—your kids—will be cared for the way you want, no matter what.
Two of the most important considerations you face as a senior are how you want your medical care handled in the event you become incapacitated, and how you want medical care to be handled at the end of your life. Both of these situations can be addressed using advance medical directives, specifically a medical power of attorney and a living will.
A will directs who will receive your property at your death. It offers no protection if you become incapacitated and are no longer able to make decisions about your financial and healthcare needs. A trust specifies how your property will be distributed before your death, at your death, or at a specified time after death.
Whether you consider yourself wealthy or not, you need to think about how (and when) you’ll talk with your children about money, whether they’re little kids, tweens, teens, or already adults.
Providing for your pet’s future care through estate planning assures that when you die or become incapacitated, your beloved friend won’t wind up in a shelter or worse. A will cannot guarantee the new caregiver will use the funds properly or even that they’ll care for your pet at all. A pet trust allows you to lay out detailed rules for exactly how the trust’s funds can be used.