If a loved one has recently passed away, you may be designated the logistical task of dealing with the probate process. Probate can take a lot of time, and some problems can arise depending on the complexity of the estate, as well as the terms of the will.
It's easy to think that estate planning is as simple as having a will and maybe putting a big asset into a trust for the future. Even this may seem complicated to some minimalist estate planners. But there are many considerations that people with the most modest of bequests should have in their minds while planning the fate of assets after death.
If you have already taken on the important tasks associated with estate planning, you deserve praise for your forward-thinking approach to life. You have now protected your assets and heirs, made important end-of-life decisions and assured that your health care and financial wishes will be honored. However, your job might not be completely finished.
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.