Advance directives typically consist of a living will and a power of attorney for healthcare.
Just 34% of adult Americans have an estate plan and 37% of respondents said they didn’t have a plan at the ready.
An element of advance care planning, a living will is a legal document that provides specific instructions on how to carry out your wishes to receive or decline such treatments when you otherwise can’t communicate those wishes yourself.
Before approaching the subject of the will, you need to consider that the loved one may be guarded and resistant to talk about it.
When you own or operate a business, ensuring that this plan accounts for the future of the business is critical.
There are two documents everyone needs in their estate plan: The Durable Power of Attorney (DPOA) and a Health Surrogacy or Advanced Health Directive.
Nobody wants to think about how their loved ones will cope when they die. However, it’s important to plan effectively to ensure a smooth transition of your wealth and worldly possessions — even if you’re young or feel like you don’t have much to leave behind.
Chances are, your home is full to the brim with cherished memories of family and friends. But, as you get older, you may start wondering what exactly will happen to your home when you pass away. Fortunately, a life estate can take away the uncertainty of this thought by legally assigning an heir to receive your property without interference from court proceedings.
A pot trust, also referred to as a discretionary, sprinkling or common pot trust, is a type of trust that can be used by families to pass on assets. With this type of trust, minor children serve as beneficiaries with a trustee that oversees the management of trust assets. The trustee has discretionary power to decide how the trust funds are used to pay for the care and needs of beneficiaries.
The way in which assets are titled can be vital.
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