When you're young and carefree, probably the last thing on your mind is planning for the future. However, life is unpredictable. There may be challenges even when you're young. No one wants to think about the "what ifs," but planning for those maybes may save you and your family members a lot of grief should the unthinkable happen.
The idea of planning for certain life events can be intimidating. However, having a plan in place to cover certain scenarios in life could help you or your loved ones avoid a great deal of stress down the road, and considering the benefits of estate planning might help you overcome previous reservations.
Planning for emergencies and serious medical needs can be a frightening prospect for you, but despite how uncomfortable this may make you feel, it can be beneficial for both you and your loved ones. Planning for end-of-life care and outlining your wishes in case of incapacitation can provide a measure of security and peace of mind for your future.
Many people consider a will the most important document in an estate plan. However, a variety of other documents could also prove useful to you, depending on your specific circumstances, especially since a will cannot cover every aspect of your estate. Nonetheless, you will also likely benefit from creating a will in order to ensure that you fully complete your estate plans.
At some point in your life, you have likely lost a loved one and felt the grief that comes along with death. You may have even witnessed other family members struggling to make funeral arrangements or ensuring that they handle property division in a way the deceased would want. These difficulties can affect anyone who suffers such a loss, and if you would like to help your family avoid making uncertain decisions, you may want to create an estate plan to address a variety of end-of-life topics.
Gene Wilder. Robin Williams. David Bowie. As public as their lives were there was one salient piece of information they chose to keep private: Their terminal disease.
A young couple recently agreed to buy a house from her grandmother. Negotiations were made, a contract was signed and closing was set. On the eve of closing, grandma died. The closing has yet to go through.
Many people think estate planning is for older, wealthy people who need to establish elaborate trusts to protect their assets. However, wills, trusts and other estate planning instruments are important for people of all ages and incomes.
If you are getting divorced or the ink has just dried on your divorce agreements, it's time you thought about your estate planning documents. Oftentimes, people forget to think about their will, trusts or other estate planning instruments because they are so caught up in their divorce proceedings.
Estate planning doesn't have to be like the movies, where an individual on his or her deathbed might scratch out final wishes on a scrap of paper. Yet a surprising number of Americans continue to pass without having an estate plan in place.