There are a number of reasons why every adult should have an estate plan, and we have discussed many of these reasons in previous posts on this blog. Broadly speaking, an estate plan gives you control over your care and the distribution of your assets.
Creating an estate plan is probably not something you think about on a regular basis, especially if you are young and still building your wealth, your family and your future. However, before you dismiss the option to create an estate plan or put the process off again, you might want to reconsider.
When we talk about creating a will or updating your estate plan, we often discuss doing so in the context of protecting your loved ones. That can lead people to start thinking about who truly will be affected by their plans.
Many people have strong views on the type of care they want or don't want to receive if get very sick. You can preserve your decisions with a living will which informs medical professionals of your wishes in the event that you cannot express them yourself.
Creating an estate plan is a wise decision and critical step in protecting your wishes, your family and your property. However, it is only one part of the process; you must also review these documents regularly to ensure they remain accurate and valid.
If you have an elderly parent or loved one, then end-of-life care and decision-making authority may be something you are thinking about. After all, it is natural to be concerned with someone's well-being as he or she gets older and perhaps begins to show signs of mental and/or physical decline.
In Florida, in order for a trust to be deemed valid, the trust must meet certain requirements. One of these requirements is that the trust name a specific beneficiary. There are exceptions to this rule, however, and under certain circumstances, a beneficiary need not be named.
People typically do not like to think or talk about subjects like what will happen to assets and property when we are gone, or who will make decisions for us if we cannot make them ourselves. However, ignoring these subjects because they are uncomfortable will not make them go away. In fact, it could only make things more difficult.
It sounds like a great idea: a young woman is inspired to cure cancer. She is not a medical professional, but she is tech savvy. She uses this knowledge to build an app that aims to increase charitable donations -- hoping many will donate to cancer research.
The executor of an estate is the person tasked with making sure everything goes well in the event of your passing. Essentially, this person is supposed to take care of the expenses of the estate, value the assets in the estate and distribute according to the estate plan. An individual becomes an executor either by getting named so within the will or by court appointment.