When you set up your estate plan it is important to coordinate the legal planning documents that you or you and your attorney create with the document provided by your retirement account custodian and/or your life insurance carrier called a ‘Designation of Beneficiary.’
Just 34% of adult Americans have an estate plan and 37% of respondents said they didn’t have a plan at the ready.
When preparing estate planning documents, certain beneficiaries may need more protection than others. One particular class of beneficiaries that needs to be intentionally considered is minor children.
Part of being a responsible homeowner is having a proper estate plan in place. After all, considering the home is generally the largest asset most people own, it’s prudent to ensure this asset is passed to the people you wish to leave it to.
Second honeymoons are definitely romantic. A third is even more so, unless maybe if each was with a different person. Nothing wrong with that, but it is a game-changer. The will or agreement you wrote 20 years ago, which maybe you have misplaced or forgotten, may not reflect your current thinking — or soulmate.
If you want a legal plan that avoids probate court, there are two options: first, an enhanced life estate deed, and second a living trust. Each has its pros and cons.
What may have seemed like something to take care of ‘one day,’ has turned into a basic necessity that makes it essential and necessary for you to encourage your clients to act now.
Many people are taking this time at home during the COVID-19 crisis to update their estate plan. Here are six critical estate plan components you should focus on, in light of the current pandemic.
Though most people who contract COVID-19 experience mild symptoms, it doesn’t hurt to be prepared if you do need to be hospitalized. It can feel scary thinking about getting sick or not being able to make decisions for yourself, but an estate plan is meant to ease your fears. After all, wouldn’t you feel better knowing that the burden of making health and financial decisions will never fall on unprepared family members?
Who will make decisions about your finances and health (maybe even your life) if you get COVID-19?