Many people think that estate planning is a very simple matter. When you are senior citizen, you record your final wishes in a last will, and that’s the end of the story.In reality, this is a gross oversimplification on a couple of different levels.First, estate planning is one of the core responsibilities of adulthood. You should put your estate plan in place as soon as you have other people depending on you for financial support. In fact, it can be argued that it is even more important … [Read more...] about Will vs. Trust: How Do You Choose?
When you plan your estate, you should see the big picture. Yes, you have to decide exactly how you want your assets to be distributed after you are gone. At the same time, it is wise to consider the process of estate administration, because it can impact your decisions.In this post, we will provide some useful information that may help you make the right choice.Wills and ProbateIf you use a last will as your vehicle of asset transfer, you would name an executor or personal representative … [Read more...] about Estate Administration: Efficiency Is Key
When you decide to start educating yourself about estate planning, you are invariably going to come into contact with some unfamiliar terms. This is fully understandable, and in this post, we will look at five terms that you may come across and provide some basic definitions.Custodial CareThe majority of senior citizens will need help with their activities of daily living eventually. They will never recover from the underlying cause of the limitations. For example, a person may have severe … [Read more...] about Explanations of Five Common Estate Planning Terms
It is important to think about the way that your wishes are going to be carried out after you pass away when you are planning your estate. Unfortunately, far too many people fail to see the big picture.We are not trying to compare a holiday to the afterlife in a flippant sense, but the following is a useful analogy.Let’s say that you are going on vacation for a month, and you have a friend that is going to take care of things while you are away. You are not simply going to say, okay, … [Read more...] about What Is a Letter of Final Instructions?