Making a major mistake with your estate plan could result in financial ruin, trouble in court or massive taxes. There are dozens of things that could go wrong, but a few are more likely than the others.
You're getting older, and you know that it's time to appoint an executor or trustee to your estate. You want to protect your assets and estate as much as possible while still giving your beneficiaries the things you've saved for them.
As you get older, one of the things you need to think about is estate planning. Estate plans help make sure your wishes are known following your death. If you haven't planned yet, there's no good excuse not to get started.
A health care proxy is also known as your health care power of attorney. This individual is someone who can make decisions your behalf if you're unable to do so yourself. It's vital to be certain the person you choose for your proxy understands your health conditions, medical history and symptoms.
As someone who may become a beneficiary, it's important that you understand the basics of receiving an inheritance. The last thing any family should have to go through is a feud to determine who receives which assets from a loved one's estate.
When you are wealthy, it's vital that you plan for your death. Your estate is valuable, and you want to make sure as much of that estate as possible goes to the people or causes you want to see benefit from your hard work. Regardless of your wealth, everyone should have an estate plan, but as someone who has much to lose, it's extremely important to plan early.
Everyone gets older, and no matter how hard you try, there will come a day when you need to plan for your estate and end of life wishes. It can be hard to approach this topic, but it's important to do so. Women who want to plan their estates should consider approaching it slightly differently. Women are not the same as men physically and have some different factors to consider in their estates. For instance, women tend to outlive men, so it's important to plan for additional years of life that men may not account for in their plans.
You've been asked to be a guardian, but do you know what it really entails? Not all guardians are the same. Before you decide if you will or will not accept the request, take the time to better educate yourself about what a guardian is and does.
When you plan your estate, there are ways to prevent the loss of assets due to taxes and other fees or fines. When you don't take the right steps when planning your estate, the assets you transfer to your loved ones may end up costing them money or be heavily taxed.
Wills and/or trusts make up the backbone of any estate plan. Some people are under the impression that a trust is required to achieve their estate planning goals. It is certainly true that many families and individuals can realize substantial benefits through the creation of a trust. For instance, assets in a trust are not subject to the probate process. As a result, your beneficiaries can receive assets without waiting for the probate process. With this said, a trust is not necessarily the right estate planning tool for everyone.