Estate planning isn't reserved for the older generations. Millennials are going through many pivotal life events – marriage, children, home purchases, and career advancements. Pivotal life events necessitate a review of your estate plan. Estate planning is an act of love and responsibility to oneself and loved ones. In particular, consider the following: 1. Estate Planning Isn’t Just for the Wealthy. Many millennials mistakenly believe that estate planning is only for those with significant … [Read more...] about Estate Planning for Millennials
Divorce is a complex process that not only unravels the emotional tapestry of a marriage, but also necessitates a reevaluation of financial and legal entanglements. One significant area that requires attention during and after a divorce is estate planning. If not addressed promptly, an outdated estate plan can inadvertently benefit an ex-spouse, potentially leaving one's actual intended beneficiaries in a compromised position. Here's a guide to navigating estate planning during and … [Read more...] about Estate Planning and Divorce: Protecting Your Interests
It's vital to understand the estate planning instruments available to ensure your wishes are honored, particularly if you become incapacitated. Two essential tools are the Durable Power of Attorney (DPOA) and the Medical Power of Attorney (MPOA). While both grant authority to a chosen individual to make decisions on your behalf, the DPOA and the MPOA serve very different and important functions. Durable Power of Attorney (DPOA): A DPOA is a legal document that gives a designated person, … [Read more...] about Durable Power of Attorney vs. Medical Power of Attorney: What’s the Difference?
Estate planning is an important consideration for anyone. However, it can be even more complex after a second marriage. This is so because there are often multiple parties involved, including children from previous marriages. Thus, it can be difficult to balance the needs and desires of everyone. To ensure that your assets are distributed according to your wishes, it's important to take a comprehensive approach to estate planning. Here are some considerations for effective estate planning after … [Read more...] about How to Estate Plan After a Second Marriage
Estate planning is essential. It allows you to manage and protect your assets during your lifetime and after your death. Estate planning is extremely important for everyone, regardless of age, income, or net worth. Here are some key reasons why estate planning is necessary for everyone: It allows you to plan for incapacity. You can create a power of attorney, which gives someone the authority to manage your finances and make decisions on your behalf if you are unable to do so. Additionally, … [Read more...] about Why is Estate Planning Important?
It's important to properly plan for the distribution of your assets in the event of death or incapacity. Real estate is often the most significant asset for many individuals and families. Proper estate planning for real estate can help ensure that your property is distributed according to your wishes and that your loved ones are protected. Here are a few tips on how to effectively incorporate real estate into your estate plan: Create a comprehensive estate plan that takes into account all of … [Read more...] about Real Estate and Estate Planning
Estate planning is not just for older people. In the eyes of the law, anyone over the age of eighteen years of age is an adult. Thus, estate planning is important for all adults over the age of eighteen years. In fact, younger adults may have more to lose if they don't have an estate plan in place. We cannot control the future, but we should plan for it. Here are some reasons why estate planning is especially important for young adults: Protect Your Assets. Even if you don't have a lot … [Read more...] about The Importance of Estate Planning for Younger Adults
The time has come to create your first estate plan. You’re nervous. You have questions. You’re concerned about making a mistake. The good news is that these feelings are natural. Estate planning is a big deal, so you want to get everything right the first time around. To ensure that this happens, it’s best to consult with an estate planning attorney. In other words, DIY estate planning isn’t the answer, and it puts you at risk of making costly errors that could negatively impact your family … [Read more...] about First-Time Estate Planners: Ask Your Attorney These Questions
As more and more individuals get comfortable in the digital world, estate planning has evolved to address the collection and transfer of digital assets. For example, the widespread use of a legacy contact and/or password managers allows owners of digital content to control what happens to the digital information after they die. Read on to learn more. … [Read more...] about Death and Your Digital Footprint