When you’re in the midst of a divorce, you’re probably not thinking about estate planning or your will. However, if you’re divorcing, you should think about the impact a divorce can have on an estate plan.
While it may not seem necessary when a special needs child is young, setting up a trust to ensure their financial stability is better to be done sooner rather than later.
While many people think that estate planning is only for the wealthy, experts say that’s not the case.
The deceased person’s beneficiaries, meanwhile, get to receive assets from the estate. In terms of executor vs. beneficiary rights, there are several differences with regard to what type of authority each one has.
Although there is certainly no shortage of people with selfish or malevolent intent, a great number of estate plans that end in disaster are due to unintended consequences.
People approaching retirement ponder numerous questions. However, I’ve found that many of the most important questions revolve around the word ‘when.’
With the possibility of needing long-term care in the future, many people are interested in proactive planning.
During your life you will likely accumulate money, property and other items of value. These are your assets. Taken together, these assets — also known as your estate — paint a picture of the wealth you’ve built over time. Rather than lose all you’ve built when you die, planning your estate ahead of time can help you preserve your wealth by transferring your assets to your children or other beneficiaries.
Most estate planning starts with a will. The legal document covers what to do with your assets and provides important direction on the care for minor children.
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