Preparing a will is wise for anyone, not just married couples. It is not just for yourself, but for your loved ones. At best, a will spares them from trying to decide what you would have wanted. At worst, the agony of a legal battle over how to distribute your estate.
One of the first most important decisions to make when considering your will is to name an Executor. The Executor makes sure that your wishes, as stated in your will/estate, are carried out. This is a person with whom you place ultimate trust.
While most parents opt to leave their estate split equally between their children, others disinherit one or more children for several reasons. They may be concerned about a special needs child receiving government benefits, feel one child is more financially independent than another or not want to leave money to a drug-addicted or troubled child who will spend it irresponsibly. Parents also disinherit because a child is estranged, and some even use it as a way to get the last word and get even after an argument. Parents need reminders that disinheritance is permanent and can cause terrible feelings that last between living children even after you are gone, so there are a few things you should consider before you make this decision.
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?
One of the most important aspects of a last will and testament is that it clarifies who you want to manage your property and affairs once you are no longer able to do so yourself. There are multiple positions to be filled if you want your property managed well and you want them filled by people you know and trust. Who you choose depends greatly on the task they will need to complete, so before picking people, it is advantageous to thoroughly understand the services that will need to be performed.
Even though people are living longer in today's world, there is always a chance that life will end when you least expect it. Those who are prepared have a will to ensure that their assets and possessions go where they want them to go. The first part of planning an estate is preparing a will, and what is included in that will is some of the most important decisions you will make in your lifetime.
Any time either you or your family members have a major life change, you should consider a will update. These include (but are not limited to) the birth/adoption of a new child, major relationship changes, a death of a family member or beneficiary, changes in federal or Estate Tax laws, changes to the disbursement of your estate or substantial changes in the value of your estate.
No two estate plans are ever the same. At least that's what most estate planning experts will tell you. That's because an estate plan should be as unique as the individual drafting it. It should really reflect a person's life events - such as having children or remarriage - and what they want to happen to their estate when they pass.
Most people don't like thinking about the end of their life, let alone what will happen to their possessions, assets and debts after they have passed. Sadly, that's exactly what an estate plan forces us to do.
Have you ever found yourself saying, "I'm not old enough to even think about making a will or an estate plan?" If so, you're not alone. Many people believe that an estate plan is only for people reaching retirement age or those who have a substantial amount of assets that need to be accounted for upon their death. This isn't true, though.