Planning your estate can be more complicated than most people realize, especially if you have a complex estate or a large number of assets. Being careful to avoid potential issues is critical to ensuring you and your family do not face serious trouble when it comes time to administer your estate. Here are seven common traps you should make sure to avoid when planning your estate:
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A power of attorney is an essential part of any estate plan, but a shocking number of people do not have one. Without this critical document, you may face a substantial number of legal issues that otherwise you might have been able to avoid. But what exactly is a power of attorney, and what are the benefits of having one?
A legal fight over the family trust of media mogul Rupert Murdoch has resulted in a surprising loss for the billionaire, which could have significant implications for his family and his business empire. Murdoch, the owner of numerous television and newspaper companies, wanted to change the trust to favor one of his children over the others. However, he has lost the battle, showing the importance of proper and timely estate planning.
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Depending on your exact circumstances, a living will can be an important part of your estate plan. It can make your wishes clear to your loved ones and your doctors, ensuring you receive the care you would want if you can no longer make your own healthcare decisions. Here are five important things you need to know about living wills:
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For some people, a living trust can be an incredibly useful way to organize their assets as part of an estate plan. Not only is it an effective means of distributing your assets, but it can potentially have significant tax benefits and offer other useful protections. But what is a living trust, exactly, and what role can it play in your estate plan?
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For many people, a power of attorney is an essential component of an estate plan. With this essential document in place, you will be prepared to face the possibility of needing someone to handle your affairs if you are unable to do so yourself. But what exactly is a power of attorney, and why is it so important to have one as part of your estate plan?
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A critical part of planning, beyond creating your last will and testament, is planning for the possibility that you may become legally incapacitated. Planning for incapacity ensures that your loved ones have everything they need to take care of you, if you become unable to handle your personal affairs. But what does it mean to be incapacitated, and why does it matter?
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A testamentary trust can be an exceptionally useful tool for many people trying to plan their estates. However, it is not necessarily appropriate for everyone, and you should consider the benefits carefully, with the guidance of an experienced attorney, to see if it works for you. Here are five benefits of a testamentary trust you should consider:
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Advance directives are an important part of any estate plan, but not everyone has them in place for their future. As a result, they may not be ready for a potential circumstances that could arise requiring their loved ones scrambling to deal with the situations over which no one has control or authority.
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Anyone who has a loved one with special needs is necessarily concerned about what they can do to ensure their loved one will be cared for if no one is around to assist. Fortunately, there are certain steps you can take to provide for your loved ones through your estate planning, which can help to protect them legally and financially. Here are five things you can do to protect your loved one with special needs:
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The legal system recognizes that some adults, whether due to disease, dementia, mental deterioration, or disability, are unable...
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