There are some foundational elements that are typically contained within estate plans in the United States and we would like to take a look at three very basic terms here to provide our readers with a rudimentary foundation. Wills Most people are aware of the fact that a last Will (or last Will and testament) is utilized to express your final wishes with regard to how you would like to see your assets distributed after your passing. However, there are some other types of wills that are used in … [Read more...] about Three Basic Estate Planning Terms
There are those who think that they do not need to have an estate plan in place just yet because they don't have significant financial resources to pass on to their loved ones and don't have a spouse or children depending on them. And it is certainly true that estate planning becomes more and more essential as you assume more responsibilities for the welfare of others. However, as soon as you become responsible for your own affairs it is a good idea to consider visiting an estate planning … [Read more...] about Do You Have Advance Directives In Place?
If you are one of the many who has never given estate planning a whole lot of thought the term probably conjures images in your mind of the classic estate planning document that you hear people talk about in the old movies: the "last will and testament." Most people are aware of the fact that these documents are used to elucidate your wishes with regard to the distribution of your assets after death. Traditionally the "will" was used to distribute real property, and the "testament" was used to … [Read more...] about The Living Will Explained
Estate planning is often viewed as a purely financial endeavor. However, there is a health care component as well if you want to be comprehensively prepared for all of the eventualities of aging. It would be ideal if we all passed on without ever having to experience any gradual decline, but unfortunately it doesn't always work that way. People are living longer than ever, and one of the most surprising demographic trends of our time is the fact that senior citizens are the fastest growing … [Read more...] about Incapacity Planning & Your Loved Ones
One of the things that you need to prepare for when you are planning your estate is the possibility of falling ill and ultimately becoming incapacitated as you face a terminal medical condition. Of course this is not a pleasant subject to discuss, but it is a reality that many people face at the end of their lives. If a time comes when you can't communicate your wishes and make important medical and personal decisions, who will do it for you? When you do decide to address these incapacitation … [Read more...] about Estate Planning & Five Wishes