A will is an essential element of an estate plan. It specifies your wishes for distributing assets to your heirs, establishes guardianship preferences for dependent children, and stipulates your desires for post-death arrangements. A will protects your assets, allowing you to determine what happens to them after you die, and alleviates guardianship decisions for dependents if both parents die.
In this informative webinar on the Power of Attorney, where we discuss its importance, when it is needed, and the different types of Power of Attorney. This session is designed to help you understand the intricacies of this legal document and empower you to make informed decisions.
No matter your age or financial status, you need to make a Last Will and Testament. The sooner you can do this the better. Should you die without a Last Will and Testament, your assets are subject to intestacy laws, which will not take whatever wishes you may have had into account.
The two main Power of Attorney types you may wish to consider adding to your overall estate plan are a Medical Power of Attorney and a Financial Power of Attorney. These extend the power to others to act on your behalf when you cannot. Learn the benefits and differences of these two documents that aid you times of crisis.
When you think of the various documents inherent in estate planning, a medical power of attorney probably is not the first one that comes to your mind. Nevertheless, the importance of this document cannot be overstated. This is especially true during the new normal of the continuing pandemic caused by COVID-19 and its Omicron variant.
According to a recent survey, 68% of Americans don’t have a will. And if they don’t have a will, they almost certainly don’t have any type of estate plan. Why is this?
Unfortunately, many people don’t think they need to make a last will and testament. They may think they’re too young or that they haven’t accumulated sufficient wealth to make a will necessary. If you are one of these people, you may wish to reconsider your ideas, especially after reading the following case study that exemplifies the problems the lack of a will can cause.
One of the most important conversations to have as a family is how to handle the finances of aging loved ones. Naturally, most individuals wish to maintain personal control over their assets for as long as possible; however, incapacity at old age is a reality. If your loved one loses the ability to make decisions, somebody will need to make those decisions in their stead.
One of the quickest ways to start a family feud is to die without a Will in place, particularly if you have several adult children. While everybody would like to believe that cooler heads would prevail when it comes to disseminating your estate, this is rarely the case without the support an estate plan and a Will gives.
Thinking about the end of your life may be stressful, but the more you prepare, the better the situation will be for you and your loved ones. For instance, in the story of Cynthia McKennedy, having an advanced care directive was crucial to ensuring that her physician honored her end-of-life wishes when she was not lucid enough to advocate for herself. Not having one would have put an unbelievable amount of stress on her family during an already-difficult time.