With 2017 reaching its halftime, the temptation is to focus on fun in the sun. While rest and relaxation is necessary, taking a moment to go through a mid-year estate planning checklist to ensure those documents are current.
For most people, estate planning serves as a way to leave valuable assets behind to their children and other loved ones. Directing their property to named beneficiaries provides clear direction, if not peace of mind for them and their family.
Pets have evolved from loyal companions to “furry children.” More and more owners consider them as actual members of their family. Over the past few years, divorce laws incorporated “pet custody” into marital dissolution agreements.
A certain level of chaos followed Prince throughout his storied career.
When a person in Colorado dies, heirs may discover that the bills do not stop coming in. It is not typically the responsibility of the beneficiaries of the estate to pay the leftover debts out of their own pockets after the parent’s death. However, that does not mean the debt disappears, and it could still significantly affect the outcome of the inheritance.
When preparing estate plans in Colorado, one must take into consideration who they can put in charge of their affairs if they were to suddenly fall ill or become incapacitated. Power of attorney is a legal document that people can use to designate a person or several people to act as their agents. These people are also known as “attorneys in fact” and have the authority to manage the financial, business and medical affairs of the people they represent. They have a fiduciary responsibility that requires them only to act when it is necessary, states A Place for Mom. There are several types of powers of attorney that people can use when planning their estates.
The passing of a loved one can be difficult to handle, especially if it was someone to whom you were close. Not only do you have to deal with the emotional aspect of the loss, but it is quite possible that you will play a role in the management of the estate.
If you are the parent of a special needs child, you likely do all you can to care for and protect your son or daughter. But at some point, you will no longer be able to keep a watchful eye on your child, which is certainly reason for concern. However, while you cannot always be physically present, there are steps you can take now to help ensure that your child's financial needs are served.
If you go to all the trouble of carefully planning how your estate is to be handled in the event of your death, then it is likely important to you that your wishes be carried out to the letter. But in order to do this, your family members and others who are tasked with executing your plans must have access to all of the relevant documentation.
Crafting an estate plan is one of the most intimate things you can do. The decisions you make regarding inheritance, insurance benefits, and elder care are a reflection of how you feel about your loved ones and who you most trust to expedite your wishes. As such, it is very important to thoroughly assess all of your options and weigh out the potential consequences of each of your choices. And some choices may involve you choosing between your head and your heart.