A comprehensive and well-thought-out estate plan doesn't just benefit the person who's developing the plan. It also benefits their family. In fact, you could argue that estate planning is more for the benefit of those who will be left behind. With careful planning and good communication, you can reduce the work, conflict and uncertainty that you're loved ones will have to deal with after your death.
Posts tagged "Estate Planning"
The coronavirus has placed the world on alert. It has hurt stocks and shocked Wall Street. There is a silver lining to this economic frustration, though, and that is that it can be helpful in some ways.
It's hard to talk to your loved ones about your estate because doing so means that you have to bring up your eventual death. You know that it's going to happen, and they do, too. The problem is that no one wants to talk about it or think about it.
Whenever new laws come into practice, they can change your estate plans. A new retirement law will be affecting IRAs and estate plans in Florida, according to a Jan. 13 report.
The New Year is just around the corner, so this is a great time to start thinking about your estate plan. 2020 is going to be a year of many changes, with a presidential election and new laws from last year starting to be enacted.
If you are considering putting together a living will, it's important that you understand what it is and how it works. A living will is a legally binding document that tells others your end-of-life preferences. It can tell people if you'd like medical technology to be used to help keep you alive or if you'd like to go without artificial life-support apparatuses.
When you're trying to decide how to approach creating an estate plan, it may seem overwhelming. After all, there are several things that you may want to include in your estate plan and dozens of factors that influence your choices.
Once you've reached your 50s, it's time to start looking closely at your estate plan. There are many good financial moves to make at this stage of your life. Turning 50 is a great time to address many of these financial needs and concerns because most people are once again empty-nesters and are in the position to begin saving and paying off debt.
If you're just starting to learn about estate planning, you may have many questions. If you're younger, you may not be sure why you need a will or to set up an estate plan. If you're older, you might think the state laws will protect you.
By the time you reach your 40s, you're likely going to be in a position where you need to start thinking about your assets and protecting them for your beneficiaries. You may have children, multiple properties, a large savings or other factors to consider.