Last week, we talked about the importance of choosing the right power of attorney to assist you with legal, financial and health care choices should you deal with incapacity or lower capacity as you age. Choosing a power of attorney is not the only thing you should do in preparation for enjoyment of your later years.
You have an estate plan in place. Good for you! That's more than most Americans can say. However, too many people make the mistake of putting it in a drawer or safe and never thinking about it again. That can lead to some serious problems if you don't make necessary changes in response to life events.
Two siblings are poised to hit courtrooms in a battle over who is entitled to a slice of pie from the family pizza empire. The pizza chain, called John's Pizzeria, has at least one shop in New Jersey and several in a neighboring state. The dispute between the siblings apparently goes back to when their mother was the matriarch and owner of the company.
You've decided it's time to consider your estate plans and make a will to protect your assets and those you love. This is a great step toward a future filled with greater peace of mind and protection, but before you finish your will -- or even start it -- there are many other decisions you might have to make.
Last week, we discussed the importance of estate planning if you have minor children or dependents. An estate plan helps you put guardianships in place for those dependents, so you ensure that loved ones are taken care of in the future by people you trust. Here are seven more reasons to get started on estate planning today.
One of the most serious discussions a family can have regarding estate planning is about guardianship. While no one wants to think about the possibility of losing independence in later life, it does happen. Individuals should always hope for the best and make plans to extend independence as long as possible, possibly through assisted living services. However, if dependence becomes a need, having a plan can save you from uncertainty and stress.
A will is an essential part of your estate plan. It documents how you want your estate to be distributed and your final wishes and requests. Despite the important role this document will play in you and your loved one's futures, many of them have mistakes.
The National Association of Estate Planning & Councils points out that many people in the country don't have an estate plan in place. Around 120 million adults in the nation either don't have an estate plan at all or don't have an updated version; without an estate plan, you can face frustrations and problems at the end of your life and can leave the same to heirs.
No matter what phase of life you are in, unexpected medical expenses can throw a giant wrench in the financial works. As you approach retirement and end-of-life, you should consider a number of money-related matters.
A do-it-yourself spirit is admirable, and there are many projects where DIY planning and work can save you money and even time. Most experts agree that legal matters are not one of those projects. One woman wrote to Bankrate about resources for DIY estate planning. The Bankrate author responded that while there are many opportunities for educating yourself about estate matters online, going without any professional legal assistance might cost more in the end.