Your parents may have achieved senior citizen status, and the subject of powers of attorney has come up. These agreements can take many forms; understanding how they work in certain situations will be helpful when you begin to talk with your parents about their future care.
Someone brought up the subject of wills recently, and asked if you had one. You said no. Your friend chattered on about trusts, powers of attorney and medical directives, but you lost interest in the discussion.
Your loved one has died and now you need to step into the role of Executor of their estate. This is a role that few people are prepared for.
Preparing for the death of a loved one is difficult emotionally and mentally, and there are actual physical and financial challenges that may make it even harder. If a loved one dies without a will or estate plan, it can be extremely difficult to get financial affairs in order, and this often causes fights and backlash between family members. If a home is not included in a will, it may fall to the next of kin to go through possessions and get the house ready to sell, which can be a huge job. Then it must be determined who pays the taxes and realtor fees, and who inherits the money made from the house. This can be a difficult time for everyone, and it is almost always made easier when the parent is financially and legally prepared to transfer ownership to children or next of kin.
Tis the season to reflect back on the past year and to make plans for the year ahead. Many of us make resolutions with the very best of intentions. As you begin 2017, ask yourself if you have done the essential planning should something happen to you and you're no longer there for your family? Do you have a Will? Is it up-to-date and does it reflect your current state and wishes?
In October, Governor Chris Christie signed into law a repeal of the state's Estate Tax as part of the deal including a 23 cents per gallon gas hike.
Adopted in September 2008, National Estate Planning Awareness Week helps consumers understand Estate Planning and how to create a qualified professional team to assist in the process.