As someone who is just starting to plan for retirement and older age, you may know that it's time to start your estate planning process, too. The basics of estate planning are relatively simple: Get a will, decide if you want to have a trust, and decide on who you want to be responsible for your estate and health care if you can't make your own decisions.
Posts tagged "Estate Planning"
Even with help, there is a possibility that estate planning can be stressful. It's important to know ways to reduce that stress, though, so you can move forward with the estate-planning process.
One thing that some people may need to handle is restoring a ward's capacity after a period of time where they had to have a guardian. As a guardian, you'll need to pass off the guardianship responsibilities correctly. Failing to do so can result in legal trouble.
Estate planning is talked about as if it's something for older adults to consider, but the reality is that anyone of any age can start planning their estate. Estate plans have several important purposes. Some include:
Life insurance is something many people opt to have as they begin to age. It's particularly common for people who have spouses and children, because they don't want to leave their loved ones without the money they need following their death.
Estate planning is an important part of any person's life. Whether you're 18 or 88, estate planning is a way to take control of your life and your assets.
As you become familiar with the most common estate planning mistakes, you'll find it easier to avoid them. By doing so, you'll feel better about your current situation as well as what will happen upon your passing.
When it comes to estate planning, you spend a lot of time pondering what will happen to your assets after you pass. This is important, but it's not the only thing to think about. You also need to consider the fact that you could face a serious illness at some point in the future.
Property ownership is not always direct. While many traditional homeowners take out a mortgage and eventually buy their homes, there are many alternative models as well. Homeowner associations and condominiums provide individual ownership but with group commitments. A vacation home or timeshare operates in a similar manner. A business owner may own real estate and share the business entity located on that land, or perhaps a partnership or LLC split the responsibility.