Young couples tend to put estate planning conversations on the back burner. It is uncomfortable to contemplate our mortality. Additionally, because younger couples have fewer assets, they may believe that they do not even need an estate plan.
Estate planning with young children often revolves around trying to give them the support they need if you are not around to provide it yourself. For instance, you may pick a guardian to raise the kids and act essentially as a replacement parent.
Having an autistic child can change many of your plans for life. Decisions about everything from where you live to how you approach family meals may have to change. Once you adjust your expectations for the needs of your child, living with an autistic son or daughter can be a beautiful thing.
Talking about a Will is tough. Your parents may not want you to bring it up because they simply feel uncomfortable talking about the end of their lives. You may feel nervous about asking because you do not want to sound like you just want to know more about your possible inheritance.
Parents, grandparents and others with heirs who have less-than-stellar fiscal aptitudes face additional estate-planning challenges. On the one hand, they want to provide these heirs with financial resources. But on the other, they want to ensure that any bequests don't become a loved one's undoing.
Do not buy into the estate planning myths that you hear so often. They can be very problematic, and many people have made serious mistakes based on these false ideas.
If you are a loving owner of a cherished pet, it's likely that you have already worried about what might happen to Fido or Fluffy after you're gone. Companion animals provide their owners with unconditional love and devotion, so it's only natural that pet owners would want to ensure their pets are cared for.
An incentive trust may help you ensure that your heirs act responsibly after you pass away. For instance, popular sought-after behavior includes things like getting a job, starting a company or graduating from school. Others involve family, as the trust could pay out extra if the heir gets married or has kids.
An unfortunate reality of aging is that you may not realistically be able to make all of your choices on your own. A stroke could leave you incapacitated or the onset of Alzheimer's could mean you're not always thinking clearly.
When it comes to planning your wealth and taking care of all family members, it is essential that you look into all options fully. If you have a child that has a severe illness or disability for example, you may want to set up a trust that can help to support them with everything that they need. In desiring this, you may want to set up a special needs trust.