There’s much to plan for in life — college, your wedding, your first child, life insurance — and with more than enough to keep you busy, it’s easy to forget about your will. After all, no one wants to sit around and dwell on their death, but it is perhaps one of the most important decisions you will make in your life.
There’s much to plan for in life—college, your wedding, your first child, life insurance—and with more than enough to keep you busy, it’s easy to forget about your will.
Estate planning is an incredibly important tool, not just for the uber wealthy or those thinking about retirement. On the contrary, estate planning is something every adult should do.
Why naming a guardian for your child is important.
As a result of illness, old age or incapacity, what may happen when you can no longer handle your own decision-making, handle your own money or make your own health care choices? Who can step in to help and how are they empowered?
Cindy, a widow in her early 60s, was undergoing physical therapy for an injury to her foot, making it difficult for her to get around. In addition, she was suffering depression brought on by the immobility and pain, resulting in her neglecting to pay bills and taking care of other financial affairs.
A will itself is a legal document that describes the process of splitting up one’s personal property and possessions among family and loved ones.
As part of your estate planning, don’t forget to consider a power of attorney.
Estate planning is a systematic method that manages the personal and financial matters of a person in case of death. The legal document for the necessary plan for death is called the Last Will and Testament, which includes the set of instructions for the condition and distribution of the estates.
If you feel that your child will be incapable of making adult decisions on their own behalf, you can pursue a legal guardianship, so that you will retain the rights to make those decisions for them.
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