Adult children may anticipate, but are not legally entitled, to an inheritance.
Estate planning might sound like something that’s just for wealthy people with huge beach houses and billions in the bank. However, the truth is that estate planning is something we all need to think about.
If you die without a will, you die ‘intestate’ and your assets will be distributed according to your state’s law. That could result in a distribution you didn’t intend.
A trust can be a vital component in an estate plan.
Here is a list, in no particular order, of what needs to be done after someone passes to help you during this difficult time.
Before approaching the subject of the will, you need to consider that the loved one may be guarded and resistant to talk about it.
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.
Does a person need a Power of Attorney document if that person already has a Last Will and Testament (‘Will’)? It is a good question.
Although laws vary from state to state, every state requires that less restrictive alternatives be considered before invoking a guardianship. These might include such vehicles as limited guardianships, powers of attorney or assisted decision-making agreements.
2500 S Power Road
Bldg 14 Suite 132
Mesa, AZ 85209
Copyright © LifePlan Legal AZ. All rights reserved. Some artwork provided under license agreement.
Privacy Policy | Disclaimer
