When Should You Get An Estate Plan? (According To A Lawyer)
Ty McDuffey
April 15, 2023
|
The intelligent digital vault for families
Trustworthy protects and optimizes important family information so you can save time, money, and enjoy peace of mind
Too many individuals believe that wills and estate plans are only for those who have more wealth or heirs, run their own businesses, or take holidays in second homes.
However, as a lawyer, my advice is that the best time to start an estate plan, regardless of your net worth and assets, is now.
There is no set age when you should start considering estate planning. If you pass away without a plan in place, the government will decide who gets your belongings after a protracted and costly probate process.
A simple will can ease future tension for your family members and offer them confidence that they are carrying out your instructions.
In this guide, I will cover all the information you need to know about when to begin estate planning, including:
When is an estate plan required?
What happens to my assets when I’m gone?
When should I name a guardian?
When should I change my estate plan?
When Is an Estate Plan Required?
Many financial consultants advise that an estate plan is required as soon as you reach legal adulthood and to update it every 3 to 5 years afterward.
This is because you are now legally responsible for your money, healthcare (in some areas), and power of attorney at 18. You want to ensure that everything is in order regularly.
What Exactly Is an Estate Plan?
Estate planning entails the creation of several documents that will not only have a significant impact on you while you are alive but also on what happens after your death.
Most people know that a will, which specifies how your possessions and assets are distributed after your death, is a component of an estate plan.
A will also allows you to choose the executor who will take care of your business after your passing and name a guardian for your minor children.
Other legal documents that you might require at any time, without warning, are included in an estate plan. An advance directive, also called a living will, outlines your preferences for medical care, including life support and feeding tubes, should you become incapacitated.
Related: Do Wills Expire? 6 Things To Know
What Happens to My Assets When I’m Gone?
The departed person's estate must pay all unpaid obligations. Assets belong to the estate of the deceased when they die.
Probate is the process of settling all of your debts after you pass away and distributing any remaining assets from your estate to your heirs.
Your state's intestacy law decides who gets your possessions if you don't make a will.
Your entire estate normally goes to the state if no relatives can be located. This applies to IRAs, retirement funds, and bank accounts.
Probate is the process of settling all of your debts after you pass away and distributing any remaining assets from your estate to your heirs.
When to Name a Guardian
It is always a good idea to start considering who you would name as your first child's guardian if something unexpected happened to you.
Although most new parents prefer not to think about this, it is important to put it in writing.
Usually, when you write a will, you designate a guardian.
It's critical to keep in mind that every time you have a new baby, this paperwork needs to be updated.
Trustworthy can help you with this process. You can access, share, and modify your documents by simply signing into your account.
When to Draft a Will
As soon as you attain legal adulthood is the optimal time to prepare a will.
Unfortunately, many people in America die without leaving a will.
Family members are left dealing with death while also being in charge of many choices they might not have thought about.
Drafting a will can help you avoid this scenario by allowing you to designate a healthcare proxy, set a power of attorney, and determine how your investments and finances will be allocated.
When to Make a Trust
It might be appropriate to form your trust if you have important assets, such as real estate or other assets.
Trusts can help you avoid probate and give you more authority over how your assets are dispersed during your lifetime and after your passing.
Additionally, setting up a trust helps you avoid extra taxes or charges as your assets are distributed to different beneficiaries.
Creating a Power of Attorney
When you cannot manage your finances, such as paying your bills and managing your money, a power of attorney allows someone else to do so on your behalf.
If you cannot make decisions for yourself, these documents allow you to control what happens to you and your affairs throughout your life.
When to Change Your Estate Plan
Experts advise reviewing your estate plan every 3 to 5 years or anytime there is a significant change in your life.
The following life events typically indicate that your estate plan needs to be updated.
The Arrival of Children
To ensure that your children have a legal guardian in place and will have financial security after your passing, they must be accurately represented in your will (or trust).
Additionally, updating your documentation is crucial whenever new family members (often grandkids) are born who you want to identify as beneficiaries.
Marriage & Remarriage
Marriage frequently results in shared property ownership between husband and wife and can occasionally result in the drafting of joint trusts or joint wills.
You must amend your documentation when assets are no longer shared with a previous spouse.
Before Traveling
It is advised to update your estate plan before significant travel, especially if you frequently leave the country or travel extensively.
If anything were to happen to you while traveling abroad, you’d want to have your affairs in order.
After Inheriting Money or Other Assets
If applicable, update your will (and any trusts) if you unexpectedly acquire new property or funds that raise your estate's value to ensure everything is covered.
Probate Concerns
Having an estate plan will help you cut down on the probate process' delays, costs, and privacy invasions. The following issues with probate include:
Privacy loss: The probate court is open to the public. For instance, family members and creditors might obtain your probate papers to contest your will.
Cost: Probate costs can be expensive, even in the simplest scenarios. Up to 5% of the assets of an estate may be required to cover legal fees and court costs.
Delays: An uncontested probate, on average, could take more than one year. These hold-ups, expenses, and invasions of privacy can frequently be avoided with careful planning.
Preparing for Incapacity
Estate planning is sometimes viewed as a process that must be completed to prepare for what will occur after your death. However, documentation in the event of your incapacity is a crucial element of estate planning.
If you cannot handle your financial affairs on your own, you can designate someone with the use of a financial power of attorney. This can go into action immediately after you sign it, or it can "spring," which means it takes effect after you become incapable.
Be sure to inquire about any policies or restrictions your financial services provider may have about the acceptance of springing powers of attorney.
A living will, HIPAA authorization (a detailed document that ensures the privacy of your medical records), and power of attorney for health care (sometimes referred to as a "health care proxy") are all documents that allow someone to make medical decisions on your behalf.
Consider hiring an attorney to draft these documents if you don't already have them. If the first person you designate cannot serve, you may want to name a backup.
If you already have these documents, review them to make sure the person(s) identified on them still sits well with you, and work with your lawyer to ensure they are up to date and correctly reflect your wishes.
Related Article: How To Find A Deceased Person’s Lawyer?
Charitable Goals
There are many ways to include charitable goals in an estate plan if the estate has significant assets and the owner wants to donate to charity.
Even though charities can be listed as beneficiaries, it may be more advantageous from a tax standpoint to leave the charity non-Roth IRA assets and assets that pass through your will to specific people.
From a tax viewpoint, designating your preferred trust or charity as a primary or contingent beneficiary may be more advantageous. You may designate a particular portion of your retirement plan assets to go to charity, for instance.
Or, if you want to create a lifetime income stream for a charity, consider creating a charitable lead trust (CLT). If the CLT were correctly constructed, the balance would be distributed to the grantor's beneficiaries after termination.
The beneficiaries of a properly drafted charitable remainder trust (CRT) would receive an income stream. In contrast, the grantor (who founded the trust) is still alive, with the remaining assets going to the grantor's preferred charity.
Both CLT and CRT have several advantages, some of which include the following:
Lowering or eliminating capital gains taxes on appreciated assets
Claiming charitable contributions as income tax deductions
Lowering the estate tax
Donating to your preferred cause
You can sort through the possibilities that might be ideal for you with an attorney or tax expert.
Business Succession
Have you thought about how to plan for your business after your passing?
If you intend to retain it inside the family, think about setting up a structure that will make it simpler for family members to inherit the company's assets, like a family limited partnership or a family limited liability corporation.
There are a lot of choices. Your lawyer or tax expert can assist you in making the best choice for you, given your circumstances.
Families with Special Needs
Concerning disabilities, particular trusts are established for a beneficiary who is disabled, organized in a way that permits the beneficiary to continue to be eligible for government benefits like Social Security Disability Insurance.
Once more, a lawyer can assist in creating a trust that will suit your unique circumstances.
Start Estate Planning as Soon as Possible
Many professionals advise making an estate plan as soon as you reach legal adulthood and updating it periodically (or whenever you encounter major life changes).
An overview of estate planning by age is provided here:
In Your 20’s and 30’s
In their 20s and 30s, nobody wants to think about dying, but you should prepare for the unexpected.
Even though it seems implausible, it's a good idea to put your affairs in order in case the unthinkable happens.
Since your estate plan will probably be relatively straightforward, there's no need to spend a lot of money on it now. This strategy can be updated as your affairs become more intricate.
During this time, think about drafting the following documents as part of your estate plan (they are necessary regardless of your wealth or assets):
Healthcare power of attorney: Having a Healthcare POA in place assures that someone you trust will have the legal ability to make these decisions on your behalf if you become incapacitated and unable to make them for yourself.
Durable power of attorney: A durable power of attorney will give someone you trust the legal power to handle your personal affairs, make payments on your behalf, and speak on your behalf if you become incapacitated.
Will: If you have kids, you should have a will since it enables you to designate a guardian for your minor kids. A will also allows you to give your property to unmarried partners who would not otherwise be eligible for an inheritance.
Living will: If you become mentally incompetent, a living will enables you to specify your intentions for your medical care. This is different from a healthcare POA, which gives someone else the authority to make decisions for you. If you are diagnosed with a fatal illness or become incompetent, a living will comes into play to ensure your wishes are honored.
In Your 40’s
The same documents are equally crucial when you approach your 40s. Your circumstances may now be more complicated, and your desires may have altered.
For instance, you might want to update your power of attorney or modify who your children's legal guardian is. You should update this paperwork in your 40s.
Additionally, consider creating a trust if you amass more assets. Using a trust, you can exert more influence over how your assets are distributed.
A trust can enable you to include conditions like the requirement that your children use their inheritance money for educational costs or the ability to decide when they receive it.
Additionally, creating a trust will help you avoid probate.
In Your 50’s and 60’s
By the time you reach 50 or 60, you won't be overly concerned if you start estate planning in your 20s. Considering your present health conditions and age, reviewing some of your estate planning documents that pertain to your healthcare may be wise.
It's a good idea to review your living will and any existing powers of attorney to ensure they still accurately reflect your objectives.
It's never too late to start estate planning if you didn't do so while you were in your 20s. If you haven't already, getting the aforementioned papers organized at this time in your life is more crucial than ever.
Related: Questions To Ask An Estate Attorney After Death (Checklist)
Share Your Wishes and Estate Plan through Trustworthy
One of the most crucial steps you can take to safeguard yourself, your family, and your future is estate planning.
Trustworthy makes it easy to share your will or update your final intentions.
It's a good idea to share your estate planning documents as soon as one of the milestones listed above approaches.
Trustworthy gives you and your family a streamlined place to review and revisit your estate planning documents when your situation changes for better or for worse.
It's best to prepare for the unexpected and ensure your estate plan is in the right hands as soon as possible.
Try a 14-day free trial with Trustworthy today.
Other Estate Planning Resources
When Should You Get An Estate Plan? (According To A Lawyer)
Ty McDuffey
April 15, 2023
|
Too many individuals believe that wills and estate plans are only for those who have more wealth or heirs, run their own businesses, or take holidays in second homes.
However, as a lawyer, my advice is that the best time to start an estate plan, regardless of your net worth and assets, is now.
There is no set age when you should start considering estate planning. If you pass away without a plan in place, the government will decide who gets your belongings after a protracted and costly probate process.
A simple will can ease future tension for your family members and offer them confidence that they are carrying out your instructions.
In this guide, I will cover all the information you need to know about when to begin estate planning, including:
When is an estate plan required?
What happens to my assets when I’m gone?
When should I name a guardian?
When should I change my estate plan?
When Is an Estate Plan Required?
Many financial consultants advise that an estate plan is required as soon as you reach legal adulthood and to update it every 3 to 5 years afterward.
This is because you are now legally responsible for your money, healthcare (in some areas), and power of attorney at 18. You want to ensure that everything is in order regularly.
What Exactly Is an Estate Plan?
Estate planning entails the creation of several documents that will not only have a significant impact on you while you are alive but also on what happens after your death.
Most people know that a will, which specifies how your possessions and assets are distributed after your death, is a component of an estate plan.
A will also allows you to choose the executor who will take care of your business after your passing and name a guardian for your minor children.
Other legal documents that you might require at any time, without warning, are included in an estate plan. An advance directive, also called a living will, outlines your preferences for medical care, including life support and feeding tubes, should you become incapacitated.
Related: Do Wills Expire? 6 Things To Know
What Happens to My Assets When I’m Gone?
The departed person's estate must pay all unpaid obligations. Assets belong to the estate of the deceased when they die.
Probate is the process of settling all of your debts after you pass away and distributing any remaining assets from your estate to your heirs.
Your state's intestacy law decides who gets your possessions if you don't make a will.
Your entire estate normally goes to the state if no relatives can be located. This applies to IRAs, retirement funds, and bank accounts.
Probate is the process of settling all of your debts after you pass away and distributing any remaining assets from your estate to your heirs.
When to Name a Guardian
It is always a good idea to start considering who you would name as your first child's guardian if something unexpected happened to you.
Although most new parents prefer not to think about this, it is important to put it in writing.
Usually, when you write a will, you designate a guardian.
It's critical to keep in mind that every time you have a new baby, this paperwork needs to be updated.
Trustworthy can help you with this process. You can access, share, and modify your documents by simply signing into your account.
When to Draft a Will
As soon as you attain legal adulthood is the optimal time to prepare a will.
Unfortunately, many people in America die without leaving a will.
Family members are left dealing with death while also being in charge of many choices they might not have thought about.
Drafting a will can help you avoid this scenario by allowing you to designate a healthcare proxy, set a power of attorney, and determine how your investments and finances will be allocated.
When to Make a Trust
It might be appropriate to form your trust if you have important assets, such as real estate or other assets.
Trusts can help you avoid probate and give you more authority over how your assets are dispersed during your lifetime and after your passing.
Additionally, setting up a trust helps you avoid extra taxes or charges as your assets are distributed to different beneficiaries.
Creating a Power of Attorney
When you cannot manage your finances, such as paying your bills and managing your money, a power of attorney allows someone else to do so on your behalf.
If you cannot make decisions for yourself, these documents allow you to control what happens to you and your affairs throughout your life.
When to Change Your Estate Plan
Experts advise reviewing your estate plan every 3 to 5 years or anytime there is a significant change in your life.
The following life events typically indicate that your estate plan needs to be updated.
The Arrival of Children
To ensure that your children have a legal guardian in place and will have financial security after your passing, they must be accurately represented in your will (or trust).
Additionally, updating your documentation is crucial whenever new family members (often grandkids) are born who you want to identify as beneficiaries.
Marriage & Remarriage
Marriage frequently results in shared property ownership between husband and wife and can occasionally result in the drafting of joint trusts or joint wills.
You must amend your documentation when assets are no longer shared with a previous spouse.
Before Traveling
It is advised to update your estate plan before significant travel, especially if you frequently leave the country or travel extensively.
If anything were to happen to you while traveling abroad, you’d want to have your affairs in order.
After Inheriting Money or Other Assets
If applicable, update your will (and any trusts) if you unexpectedly acquire new property or funds that raise your estate's value to ensure everything is covered.
Probate Concerns
Having an estate plan will help you cut down on the probate process' delays, costs, and privacy invasions. The following issues with probate include:
Privacy loss: The probate court is open to the public. For instance, family members and creditors might obtain your probate papers to contest your will.
Cost: Probate costs can be expensive, even in the simplest scenarios. Up to 5% of the assets of an estate may be required to cover legal fees and court costs.
Delays: An uncontested probate, on average, could take more than one year. These hold-ups, expenses, and invasions of privacy can frequently be avoided with careful planning.
Preparing for Incapacity
Estate planning is sometimes viewed as a process that must be completed to prepare for what will occur after your death. However, documentation in the event of your incapacity is a crucial element of estate planning.
If you cannot handle your financial affairs on your own, you can designate someone with the use of a financial power of attorney. This can go into action immediately after you sign it, or it can "spring," which means it takes effect after you become incapable.
Be sure to inquire about any policies or restrictions your financial services provider may have about the acceptance of springing powers of attorney.
A living will, HIPAA authorization (a detailed document that ensures the privacy of your medical records), and power of attorney for health care (sometimes referred to as a "health care proxy") are all documents that allow someone to make medical decisions on your behalf.
Consider hiring an attorney to draft these documents if you don't already have them. If the first person you designate cannot serve, you may want to name a backup.
If you already have these documents, review them to make sure the person(s) identified on them still sits well with you, and work with your lawyer to ensure they are up to date and correctly reflect your wishes.
Related Article: How To Find A Deceased Person’s Lawyer?
Charitable Goals
There are many ways to include charitable goals in an estate plan if the estate has significant assets and the owner wants to donate to charity.
Even though charities can be listed as beneficiaries, it may be more advantageous from a tax standpoint to leave the charity non-Roth IRA assets and assets that pass through your will to specific people.
From a tax viewpoint, designating your preferred trust or charity as a primary or contingent beneficiary may be more advantageous. You may designate a particular portion of your retirement plan assets to go to charity, for instance.
Or, if you want to create a lifetime income stream for a charity, consider creating a charitable lead trust (CLT). If the CLT were correctly constructed, the balance would be distributed to the grantor's beneficiaries after termination.
The beneficiaries of a properly drafted charitable remainder trust (CRT) would receive an income stream. In contrast, the grantor (who founded the trust) is still alive, with the remaining assets going to the grantor's preferred charity.
Both CLT and CRT have several advantages, some of which include the following:
Lowering or eliminating capital gains taxes on appreciated assets
Claiming charitable contributions as income tax deductions
Lowering the estate tax
Donating to your preferred cause
You can sort through the possibilities that might be ideal for you with an attorney or tax expert.
Business Succession
Have you thought about how to plan for your business after your passing?
If you intend to retain it inside the family, think about setting up a structure that will make it simpler for family members to inherit the company's assets, like a family limited partnership or a family limited liability corporation.
There are a lot of choices. Your lawyer or tax expert can assist you in making the best choice for you, given your circumstances.
Families with Special Needs
Concerning disabilities, particular trusts are established for a beneficiary who is disabled, organized in a way that permits the beneficiary to continue to be eligible for government benefits like Social Security Disability Insurance.
Once more, a lawyer can assist in creating a trust that will suit your unique circumstances.
Start Estate Planning as Soon as Possible
Many professionals advise making an estate plan as soon as you reach legal adulthood and updating it periodically (or whenever you encounter major life changes).
An overview of estate planning by age is provided here:
In Your 20’s and 30’s
In their 20s and 30s, nobody wants to think about dying, but you should prepare for the unexpected.
Even though it seems implausible, it's a good idea to put your affairs in order in case the unthinkable happens.
Since your estate plan will probably be relatively straightforward, there's no need to spend a lot of money on it now. This strategy can be updated as your affairs become more intricate.
During this time, think about drafting the following documents as part of your estate plan (they are necessary regardless of your wealth or assets):
Healthcare power of attorney: Having a Healthcare POA in place assures that someone you trust will have the legal ability to make these decisions on your behalf if you become incapacitated and unable to make them for yourself.
Durable power of attorney: A durable power of attorney will give someone you trust the legal power to handle your personal affairs, make payments on your behalf, and speak on your behalf if you become incapacitated.
Will: If you have kids, you should have a will since it enables you to designate a guardian for your minor kids. A will also allows you to give your property to unmarried partners who would not otherwise be eligible for an inheritance.
Living will: If you become mentally incompetent, a living will enables you to specify your intentions for your medical care. This is different from a healthcare POA, which gives someone else the authority to make decisions for you. If you are diagnosed with a fatal illness or become incompetent, a living will comes into play to ensure your wishes are honored.
In Your 40’s
The same documents are equally crucial when you approach your 40s. Your circumstances may now be more complicated, and your desires may have altered.
For instance, you might want to update your power of attorney or modify who your children's legal guardian is. You should update this paperwork in your 40s.
Additionally, consider creating a trust if you amass more assets. Using a trust, you can exert more influence over how your assets are distributed.
A trust can enable you to include conditions like the requirement that your children use their inheritance money for educational costs or the ability to decide when they receive it.
Additionally, creating a trust will help you avoid probate.
In Your 50’s and 60’s
By the time you reach 50 or 60, you won't be overly concerned if you start estate planning in your 20s. Considering your present health conditions and age, reviewing some of your estate planning documents that pertain to your healthcare may be wise.
It's a good idea to review your living will and any existing powers of attorney to ensure they still accurately reflect your objectives.
It's never too late to start estate planning if you didn't do so while you were in your 20s. If you haven't already, getting the aforementioned papers organized at this time in your life is more crucial than ever.
Related: Questions To Ask An Estate Attorney After Death (Checklist)
Share Your Wishes and Estate Plan through Trustworthy
One of the most crucial steps you can take to safeguard yourself, your family, and your future is estate planning.
Trustworthy makes it easy to share your will or update your final intentions.
It's a good idea to share your estate planning documents as soon as one of the milestones listed above approaches.
Trustworthy gives you and your family a streamlined place to review and revisit your estate planning documents when your situation changes for better or for worse.
It's best to prepare for the unexpected and ensure your estate plan is in the right hands as soon as possible.
Try a 14-day free trial with Trustworthy today.
Other Estate Planning Resources
When Should You Get An Estate Plan? (According To A Lawyer)
Ty McDuffey
April 15, 2023
|
The intelligent digital vault for families
Trustworthy protects and optimizes important family information so you can save time, money, and enjoy peace of mind
Too many individuals believe that wills and estate plans are only for those who have more wealth or heirs, run their own businesses, or take holidays in second homes.
However, as a lawyer, my advice is that the best time to start an estate plan, regardless of your net worth and assets, is now.
There is no set age when you should start considering estate planning. If you pass away without a plan in place, the government will decide who gets your belongings after a protracted and costly probate process.
A simple will can ease future tension for your family members and offer them confidence that they are carrying out your instructions.
In this guide, I will cover all the information you need to know about when to begin estate planning, including:
When is an estate plan required?
What happens to my assets when I’m gone?
When should I name a guardian?
When should I change my estate plan?
When Is an Estate Plan Required?
Many financial consultants advise that an estate plan is required as soon as you reach legal adulthood and to update it every 3 to 5 years afterward.
This is because you are now legally responsible for your money, healthcare (in some areas), and power of attorney at 18. You want to ensure that everything is in order regularly.
What Exactly Is an Estate Plan?
Estate planning entails the creation of several documents that will not only have a significant impact on you while you are alive but also on what happens after your death.
Most people know that a will, which specifies how your possessions and assets are distributed after your death, is a component of an estate plan.
A will also allows you to choose the executor who will take care of your business after your passing and name a guardian for your minor children.
Other legal documents that you might require at any time, without warning, are included in an estate plan. An advance directive, also called a living will, outlines your preferences for medical care, including life support and feeding tubes, should you become incapacitated.
Related: Do Wills Expire? 6 Things To Know
What Happens to My Assets When I’m Gone?
The departed person's estate must pay all unpaid obligations. Assets belong to the estate of the deceased when they die.
Probate is the process of settling all of your debts after you pass away and distributing any remaining assets from your estate to your heirs.
Your state's intestacy law decides who gets your possessions if you don't make a will.
Your entire estate normally goes to the state if no relatives can be located. This applies to IRAs, retirement funds, and bank accounts.
Probate is the process of settling all of your debts after you pass away and distributing any remaining assets from your estate to your heirs.
When to Name a Guardian
It is always a good idea to start considering who you would name as your first child's guardian if something unexpected happened to you.
Although most new parents prefer not to think about this, it is important to put it in writing.
Usually, when you write a will, you designate a guardian.
It's critical to keep in mind that every time you have a new baby, this paperwork needs to be updated.
Trustworthy can help you with this process. You can access, share, and modify your documents by simply signing into your account.
When to Draft a Will
As soon as you attain legal adulthood is the optimal time to prepare a will.
Unfortunately, many people in America die without leaving a will.
Family members are left dealing with death while also being in charge of many choices they might not have thought about.
Drafting a will can help you avoid this scenario by allowing you to designate a healthcare proxy, set a power of attorney, and determine how your investments and finances will be allocated.
When to Make a Trust
It might be appropriate to form your trust if you have important assets, such as real estate or other assets.
Trusts can help you avoid probate and give you more authority over how your assets are dispersed during your lifetime and after your passing.
Additionally, setting up a trust helps you avoid extra taxes or charges as your assets are distributed to different beneficiaries.
Creating a Power of Attorney
When you cannot manage your finances, such as paying your bills and managing your money, a power of attorney allows someone else to do so on your behalf.
If you cannot make decisions for yourself, these documents allow you to control what happens to you and your affairs throughout your life.
When to Change Your Estate Plan
Experts advise reviewing your estate plan every 3 to 5 years or anytime there is a significant change in your life.
The following life events typically indicate that your estate plan needs to be updated.
The Arrival of Children
To ensure that your children have a legal guardian in place and will have financial security after your passing, they must be accurately represented in your will (or trust).
Additionally, updating your documentation is crucial whenever new family members (often grandkids) are born who you want to identify as beneficiaries.
Marriage & Remarriage
Marriage frequently results in shared property ownership between husband and wife and can occasionally result in the drafting of joint trusts or joint wills.
You must amend your documentation when assets are no longer shared with a previous spouse.
Before Traveling
It is advised to update your estate plan before significant travel, especially if you frequently leave the country or travel extensively.
If anything were to happen to you while traveling abroad, you’d want to have your affairs in order.
After Inheriting Money or Other Assets
If applicable, update your will (and any trusts) if you unexpectedly acquire new property or funds that raise your estate's value to ensure everything is covered.
Probate Concerns
Having an estate plan will help you cut down on the probate process' delays, costs, and privacy invasions. The following issues with probate include:
Privacy loss: The probate court is open to the public. For instance, family members and creditors might obtain your probate papers to contest your will.
Cost: Probate costs can be expensive, even in the simplest scenarios. Up to 5% of the assets of an estate may be required to cover legal fees and court costs.
Delays: An uncontested probate, on average, could take more than one year. These hold-ups, expenses, and invasions of privacy can frequently be avoided with careful planning.
Preparing for Incapacity
Estate planning is sometimes viewed as a process that must be completed to prepare for what will occur after your death. However, documentation in the event of your incapacity is a crucial element of estate planning.
If you cannot handle your financial affairs on your own, you can designate someone with the use of a financial power of attorney. This can go into action immediately after you sign it, or it can "spring," which means it takes effect after you become incapable.
Be sure to inquire about any policies or restrictions your financial services provider may have about the acceptance of springing powers of attorney.
A living will, HIPAA authorization (a detailed document that ensures the privacy of your medical records), and power of attorney for health care (sometimes referred to as a "health care proxy") are all documents that allow someone to make medical decisions on your behalf.
Consider hiring an attorney to draft these documents if you don't already have them. If the first person you designate cannot serve, you may want to name a backup.
If you already have these documents, review them to make sure the person(s) identified on them still sits well with you, and work with your lawyer to ensure they are up to date and correctly reflect your wishes.
Related Article: How To Find A Deceased Person’s Lawyer?
Charitable Goals
There are many ways to include charitable goals in an estate plan if the estate has significant assets and the owner wants to donate to charity.
Even though charities can be listed as beneficiaries, it may be more advantageous from a tax standpoint to leave the charity non-Roth IRA assets and assets that pass through your will to specific people.
From a tax viewpoint, designating your preferred trust or charity as a primary or contingent beneficiary may be more advantageous. You may designate a particular portion of your retirement plan assets to go to charity, for instance.
Or, if you want to create a lifetime income stream for a charity, consider creating a charitable lead trust (CLT). If the CLT were correctly constructed, the balance would be distributed to the grantor's beneficiaries after termination.
The beneficiaries of a properly drafted charitable remainder trust (CRT) would receive an income stream. In contrast, the grantor (who founded the trust) is still alive, with the remaining assets going to the grantor's preferred charity.
Both CLT and CRT have several advantages, some of which include the following:
Lowering or eliminating capital gains taxes on appreciated assets
Claiming charitable contributions as income tax deductions
Lowering the estate tax
Donating to your preferred cause
You can sort through the possibilities that might be ideal for you with an attorney or tax expert.
Business Succession
Have you thought about how to plan for your business after your passing?
If you intend to retain it inside the family, think about setting up a structure that will make it simpler for family members to inherit the company's assets, like a family limited partnership or a family limited liability corporation.
There are a lot of choices. Your lawyer or tax expert can assist you in making the best choice for you, given your circumstances.
Families with Special Needs
Concerning disabilities, particular trusts are established for a beneficiary who is disabled, organized in a way that permits the beneficiary to continue to be eligible for government benefits like Social Security Disability Insurance.
Once more, a lawyer can assist in creating a trust that will suit your unique circumstances.
Start Estate Planning as Soon as Possible
Many professionals advise making an estate plan as soon as you reach legal adulthood and updating it periodically (or whenever you encounter major life changes).
An overview of estate planning by age is provided here:
In Your 20’s and 30’s
In their 20s and 30s, nobody wants to think about dying, but you should prepare for the unexpected.
Even though it seems implausible, it's a good idea to put your affairs in order in case the unthinkable happens.
Since your estate plan will probably be relatively straightforward, there's no need to spend a lot of money on it now. This strategy can be updated as your affairs become more intricate.
During this time, think about drafting the following documents as part of your estate plan (they are necessary regardless of your wealth or assets):
Healthcare power of attorney: Having a Healthcare POA in place assures that someone you trust will have the legal ability to make these decisions on your behalf if you become incapacitated and unable to make them for yourself.
Durable power of attorney: A durable power of attorney will give someone you trust the legal power to handle your personal affairs, make payments on your behalf, and speak on your behalf if you become incapacitated.
Will: If you have kids, you should have a will since it enables you to designate a guardian for your minor kids. A will also allows you to give your property to unmarried partners who would not otherwise be eligible for an inheritance.
Living will: If you become mentally incompetent, a living will enables you to specify your intentions for your medical care. This is different from a healthcare POA, which gives someone else the authority to make decisions for you. If you are diagnosed with a fatal illness or become incompetent, a living will comes into play to ensure your wishes are honored.
In Your 40’s
The same documents are equally crucial when you approach your 40s. Your circumstances may now be more complicated, and your desires may have altered.
For instance, you might want to update your power of attorney or modify who your children's legal guardian is. You should update this paperwork in your 40s.
Additionally, consider creating a trust if you amass more assets. Using a trust, you can exert more influence over how your assets are distributed.
A trust can enable you to include conditions like the requirement that your children use their inheritance money for educational costs or the ability to decide when they receive it.
Additionally, creating a trust will help you avoid probate.
In Your 50’s and 60’s
By the time you reach 50 or 60, you won't be overly concerned if you start estate planning in your 20s. Considering your present health conditions and age, reviewing some of your estate planning documents that pertain to your healthcare may be wise.
It's a good idea to review your living will and any existing powers of attorney to ensure they still accurately reflect your objectives.
It's never too late to start estate planning if you didn't do so while you were in your 20s. If you haven't already, getting the aforementioned papers organized at this time in your life is more crucial than ever.
Related: Questions To Ask An Estate Attorney After Death (Checklist)
Share Your Wishes and Estate Plan through Trustworthy
One of the most crucial steps you can take to safeguard yourself, your family, and your future is estate planning.
Trustworthy makes it easy to share your will or update your final intentions.
It's a good idea to share your estate planning documents as soon as one of the milestones listed above approaches.
Trustworthy gives you and your family a streamlined place to review and revisit your estate planning documents when your situation changes for better or for worse.
It's best to prepare for the unexpected and ensure your estate plan is in the right hands as soon as possible.
Try a 14-day free trial with Trustworthy today.
Other Estate Planning Resources
When Should You Get An Estate Plan? (According To A Lawyer)
Ty McDuffey
April 15, 2023
|
The intelligent digital vault for families
Trustworthy protects and optimizes important family information so you can save time, money, and enjoy peace of mind
Too many individuals believe that wills and estate plans are only for those who have more wealth or heirs, run their own businesses, or take holidays in second homes.
However, as a lawyer, my advice is that the best time to start an estate plan, regardless of your net worth and assets, is now.
There is no set age when you should start considering estate planning. If you pass away without a plan in place, the government will decide who gets your belongings after a protracted and costly probate process.
A simple will can ease future tension for your family members and offer them confidence that they are carrying out your instructions.
In this guide, I will cover all the information you need to know about when to begin estate planning, including:
When is an estate plan required?
What happens to my assets when I’m gone?
When should I name a guardian?
When should I change my estate plan?
When Is an Estate Plan Required?
Many financial consultants advise that an estate plan is required as soon as you reach legal adulthood and to update it every 3 to 5 years afterward.
This is because you are now legally responsible for your money, healthcare (in some areas), and power of attorney at 18. You want to ensure that everything is in order regularly.
What Exactly Is an Estate Plan?
Estate planning entails the creation of several documents that will not only have a significant impact on you while you are alive but also on what happens after your death.
Most people know that a will, which specifies how your possessions and assets are distributed after your death, is a component of an estate plan.
A will also allows you to choose the executor who will take care of your business after your passing and name a guardian for your minor children.
Other legal documents that you might require at any time, without warning, are included in an estate plan. An advance directive, also called a living will, outlines your preferences for medical care, including life support and feeding tubes, should you become incapacitated.
Related: Do Wills Expire? 6 Things To Know
What Happens to My Assets When I’m Gone?
The departed person's estate must pay all unpaid obligations. Assets belong to the estate of the deceased when they die.
Probate is the process of settling all of your debts after you pass away and distributing any remaining assets from your estate to your heirs.
Your state's intestacy law decides who gets your possessions if you don't make a will.
Your entire estate normally goes to the state if no relatives can be located. This applies to IRAs, retirement funds, and bank accounts.
Probate is the process of settling all of your debts after you pass away and distributing any remaining assets from your estate to your heirs.
When to Name a Guardian
It is always a good idea to start considering who you would name as your first child's guardian if something unexpected happened to you.
Although most new parents prefer not to think about this, it is important to put it in writing.
Usually, when you write a will, you designate a guardian.
It's critical to keep in mind that every time you have a new baby, this paperwork needs to be updated.
Trustworthy can help you with this process. You can access, share, and modify your documents by simply signing into your account.
When to Draft a Will
As soon as you attain legal adulthood is the optimal time to prepare a will.
Unfortunately, many people in America die without leaving a will.
Family members are left dealing with death while also being in charge of many choices they might not have thought about.
Drafting a will can help you avoid this scenario by allowing you to designate a healthcare proxy, set a power of attorney, and determine how your investments and finances will be allocated.
When to Make a Trust
It might be appropriate to form your trust if you have important assets, such as real estate or other assets.
Trusts can help you avoid probate and give you more authority over how your assets are dispersed during your lifetime and after your passing.
Additionally, setting up a trust helps you avoid extra taxes or charges as your assets are distributed to different beneficiaries.
Creating a Power of Attorney
When you cannot manage your finances, such as paying your bills and managing your money, a power of attorney allows someone else to do so on your behalf.
If you cannot make decisions for yourself, these documents allow you to control what happens to you and your affairs throughout your life.
When to Change Your Estate Plan
Experts advise reviewing your estate plan every 3 to 5 years or anytime there is a significant change in your life.
The following life events typically indicate that your estate plan needs to be updated.
The Arrival of Children
To ensure that your children have a legal guardian in place and will have financial security after your passing, they must be accurately represented in your will (or trust).
Additionally, updating your documentation is crucial whenever new family members (often grandkids) are born who you want to identify as beneficiaries.
Marriage & Remarriage
Marriage frequently results in shared property ownership between husband and wife and can occasionally result in the drafting of joint trusts or joint wills.
You must amend your documentation when assets are no longer shared with a previous spouse.
Before Traveling
It is advised to update your estate plan before significant travel, especially if you frequently leave the country or travel extensively.
If anything were to happen to you while traveling abroad, you’d want to have your affairs in order.
After Inheriting Money or Other Assets
If applicable, update your will (and any trusts) if you unexpectedly acquire new property or funds that raise your estate's value to ensure everything is covered.
Probate Concerns
Having an estate plan will help you cut down on the probate process' delays, costs, and privacy invasions. The following issues with probate include:
Privacy loss: The probate court is open to the public. For instance, family members and creditors might obtain your probate papers to contest your will.
Cost: Probate costs can be expensive, even in the simplest scenarios. Up to 5% of the assets of an estate may be required to cover legal fees and court costs.
Delays: An uncontested probate, on average, could take more than one year. These hold-ups, expenses, and invasions of privacy can frequently be avoided with careful planning.
Preparing for Incapacity
Estate planning is sometimes viewed as a process that must be completed to prepare for what will occur after your death. However, documentation in the event of your incapacity is a crucial element of estate planning.
If you cannot handle your financial affairs on your own, you can designate someone with the use of a financial power of attorney. This can go into action immediately after you sign it, or it can "spring," which means it takes effect after you become incapable.
Be sure to inquire about any policies or restrictions your financial services provider may have about the acceptance of springing powers of attorney.
A living will, HIPAA authorization (a detailed document that ensures the privacy of your medical records), and power of attorney for health care (sometimes referred to as a "health care proxy") are all documents that allow someone to make medical decisions on your behalf.
Consider hiring an attorney to draft these documents if you don't already have them. If the first person you designate cannot serve, you may want to name a backup.
If you already have these documents, review them to make sure the person(s) identified on them still sits well with you, and work with your lawyer to ensure they are up to date and correctly reflect your wishes.
Related Article: How To Find A Deceased Person’s Lawyer?
Charitable Goals
There are many ways to include charitable goals in an estate plan if the estate has significant assets and the owner wants to donate to charity.
Even though charities can be listed as beneficiaries, it may be more advantageous from a tax standpoint to leave the charity non-Roth IRA assets and assets that pass through your will to specific people.
From a tax viewpoint, designating your preferred trust or charity as a primary or contingent beneficiary may be more advantageous. You may designate a particular portion of your retirement plan assets to go to charity, for instance.
Or, if you want to create a lifetime income stream for a charity, consider creating a charitable lead trust (CLT). If the CLT were correctly constructed, the balance would be distributed to the grantor's beneficiaries after termination.
The beneficiaries of a properly drafted charitable remainder trust (CRT) would receive an income stream. In contrast, the grantor (who founded the trust) is still alive, with the remaining assets going to the grantor's preferred charity.
Both CLT and CRT have several advantages, some of which include the following:
Lowering or eliminating capital gains taxes on appreciated assets
Claiming charitable contributions as income tax deductions
Lowering the estate tax
Donating to your preferred cause
You can sort through the possibilities that might be ideal for you with an attorney or tax expert.
Business Succession
Have you thought about how to plan for your business after your passing?
If you intend to retain it inside the family, think about setting up a structure that will make it simpler for family members to inherit the company's assets, like a family limited partnership or a family limited liability corporation.
There are a lot of choices. Your lawyer or tax expert can assist you in making the best choice for you, given your circumstances.
Families with Special Needs
Concerning disabilities, particular trusts are established for a beneficiary who is disabled, organized in a way that permits the beneficiary to continue to be eligible for government benefits like Social Security Disability Insurance.
Once more, a lawyer can assist in creating a trust that will suit your unique circumstances.
Start Estate Planning as Soon as Possible
Many professionals advise making an estate plan as soon as you reach legal adulthood and updating it periodically (or whenever you encounter major life changes).
An overview of estate planning by age is provided here:
In Your 20’s and 30’s
In their 20s and 30s, nobody wants to think about dying, but you should prepare for the unexpected.
Even though it seems implausible, it's a good idea to put your affairs in order in case the unthinkable happens.
Since your estate plan will probably be relatively straightforward, there's no need to spend a lot of money on it now. This strategy can be updated as your affairs become more intricate.
During this time, think about drafting the following documents as part of your estate plan (they are necessary regardless of your wealth or assets):
Healthcare power of attorney: Having a Healthcare POA in place assures that someone you trust will have the legal ability to make these decisions on your behalf if you become incapacitated and unable to make them for yourself.
Durable power of attorney: A durable power of attorney will give someone you trust the legal power to handle your personal affairs, make payments on your behalf, and speak on your behalf if you become incapacitated.
Will: If you have kids, you should have a will since it enables you to designate a guardian for your minor kids. A will also allows you to give your property to unmarried partners who would not otherwise be eligible for an inheritance.
Living will: If you become mentally incompetent, a living will enables you to specify your intentions for your medical care. This is different from a healthcare POA, which gives someone else the authority to make decisions for you. If you are diagnosed with a fatal illness or become incompetent, a living will comes into play to ensure your wishes are honored.
In Your 40’s
The same documents are equally crucial when you approach your 40s. Your circumstances may now be more complicated, and your desires may have altered.
For instance, you might want to update your power of attorney or modify who your children's legal guardian is. You should update this paperwork in your 40s.
Additionally, consider creating a trust if you amass more assets. Using a trust, you can exert more influence over how your assets are distributed.
A trust can enable you to include conditions like the requirement that your children use their inheritance money for educational costs or the ability to decide when they receive it.
Additionally, creating a trust will help you avoid probate.
In Your 50’s and 60’s
By the time you reach 50 or 60, you won't be overly concerned if you start estate planning in your 20s. Considering your present health conditions and age, reviewing some of your estate planning documents that pertain to your healthcare may be wise.
It's a good idea to review your living will and any existing powers of attorney to ensure they still accurately reflect your objectives.
It's never too late to start estate planning if you didn't do so while you were in your 20s. If you haven't already, getting the aforementioned papers organized at this time in your life is more crucial than ever.
Related: Questions To Ask An Estate Attorney After Death (Checklist)
Share Your Wishes and Estate Plan through Trustworthy
One of the most crucial steps you can take to safeguard yourself, your family, and your future is estate planning.
Trustworthy makes it easy to share your will or update your final intentions.
It's a good idea to share your estate planning documents as soon as one of the milestones listed above approaches.
Trustworthy gives you and your family a streamlined place to review and revisit your estate planning documents when your situation changes for better or for worse.
It's best to prepare for the unexpected and ensure your estate plan is in the right hands as soon as possible.
Try a 14-day free trial with Trustworthy today.
Other Estate Planning Resources
Try Trustworthy today.
Try Trustworthy today.
Try the Family Operating System® for yourself. You (and your family) will love it.
Try the Family Operating System® for yourself. You (and your family) will love it.
No credit card required.
No credit card required.
Related Articles
May 15, 2024
May 15, 2024
Power of Attorney vs. Will: Understanding the Legal Authority
Power of Attorney vs. Will: Understanding the Legal Authority
May 15, 2024
May 15, 2024
Executor Fees: What Percentage of an Estate Is Typical?
Executor Fees: What Percentage of an Estate Is Typical?
May 9, 2024
May 9, 2024
Power of Attorney Liability: Risks and Responsibilities
Power of Attorney Liability: Risks and Responsibilities
May 9, 2024
May 9, 2024
The Timeline for Obtaining Power of Attorney Explained
The Timeline for Obtaining Power of Attorney Explained
May 7, 2024
May 7, 2024
The Comprehensive Guide to Power of Attorney Responsibilities
The Comprehensive Guide to Power of Attorney Responsibilities
May 3, 2024
May 3, 2024
Deceased's Property: How Long Before It Must Change Names?
Deceased's Property: How Long Before It Must Change Names?
Apr 26, 2024
Apr 26, 2024
Durable Power of Attorney: What Powers Does It Grant?
Durable Power of Attorney: What Powers Does It Grant?
Apr 26, 2024
Apr 26, 2024
How to Draft a Power of Attorney: A Step-by-Step Guide
How to Draft a Power of Attorney: A Step-by-Step Guide
Apr 23, 2024
Apr 23, 2024
Executor's Death: The Next Steps for an Estate
Executor's Death: The Next Steps for an Estate
Apr 19, 2024
Apr 19, 2024
Removing a Deceased Spouse from a Deed: 5 Necessary Steps
Removing a Deceased Spouse from a Deed: 5 Necessary Steps
Apr 17, 2024
Apr 17, 2024
After Death: Can a Spouse Change the Deceased's Will?
After Death: Can a Spouse Change the Deceased's Will?
Apr 17, 2024
Apr 17, 2024
Divorced Spouse's Rights to Property After Death Explained
Divorced Spouse's Rights to Property After Death Explained
Apr 11, 2024
Apr 11, 2024
Navigating Dual Benefits: VA Disability and Social Security
Navigating Dual Benefits: VA Disability and Social Security
Apr 11, 2024
Apr 11, 2024
Veteran Benefit Eligibility: Understanding Denials and Exclusions
Veteran Benefit Eligibility: Understanding Denials and Exclusions
Apr 4, 2024
Apr 4, 2024
Eligibility for Veteran’s Spouse Benefits: What You Need to Know
Eligibility for Veteran’s Spouse Benefits: What You Need to Know
Apr 3, 2024
Apr 3, 2024
VA Disability Payments: Can They Be Discontinued?
VA Disability Payments: Can They Be Discontinued?
Mar 30, 2024
Mar 30, 2024
Veteran Death: Essential Actions and Checklist for Next of Kin
Veteran Death: Essential Actions and Checklist for Next of Kin
Mar 27, 2024
Mar 27, 2024
SLATs in Estate Planning: An Innovative Strategy Explained
SLATs in Estate Planning: An Innovative Strategy Explained
Mar 27, 2024
Mar 27, 2024
Maximize Your Estate Planning with Survivorship Life Insurance
Maximize Your Estate Planning with Survivorship Life Insurance
Mar 23, 2024
Mar 23, 2024
VA Benefits Timeline: When They Stop After Death
VA Benefits Timeline: When They Stop After Death
Mar 20, 2024
Mar 20, 2024
Is Estate Planning a Legitimate Business Expense: Unveiling The Truth
Is Estate Planning a Legitimate Business Expense: Unveiling The Truth
Mar 15, 2024
Mar 15, 2024
Does Right of Survivorship Trump a Will: Legal Insights
Does Right of Survivorship Trump a Will: Legal Insights
Mar 13, 2024
Mar 13, 2024
Palliative Care at Home: Understanding Insurance Coverage
Palliative Care at Home: Understanding Insurance Coverage
Mar 13, 2024
Mar 13, 2024
Navigating Insurance Coverage for Hospice Care A Complete Guide
Navigating Insurance Coverage for Hospice Care A Complete Guide
Mar 9, 2024
Mar 9, 2024
Choosing an Estate Planning Attorney: Traits of Excellence
Choosing an Estate Planning Attorney: Traits of Excellence
Mar 7, 2024
Mar 7, 2024
Can Family Overrule an Advance Directive? What You Need to Know
Can Family Overrule an Advance Directive? What You Need to Know
Mar 7, 2024
Mar 7, 2024
Funding Hospice Care in Nursing Homes: Who Bears the Cost?
Funding Hospice Care in Nursing Homes: Who Bears the Cost?
Mar 5, 2024
Mar 5, 2024
Who Can Legally Witness an Advance Directive? Know Your Rights
Who Can Legally Witness an Advance Directive? Know Your Rights
Mar 5, 2024
Mar 5, 2024
Exploring Hospice Care: What’s Not Included?
Exploring Hospice Care: What’s Not Included?
Mar 5, 2024
Mar 5, 2024
Respite Care in Hospice: Providing Relief for Caregivers
Respite Care in Hospice: Providing Relief for Caregivers
Mar 5, 2024
Mar 5, 2024
Exploring the Spectrum: Different Types of Advance Directives
Exploring the Spectrum: Different Types of Advance Directives
Feb 28, 2024
Feb 28, 2024
Deciding on Hospice Care: Knowing When It's Time
Deciding on Hospice Care: Knowing When It's Time
Feb 27, 2024
Feb 27, 2024
Hospice Care Duration: How Long Can It Last?
Hospice Care Duration: How Long Can It Last?
Feb 27, 2024
Feb 27, 2024
Hospice Care Timeline: Estimating How Long to Live
Hospice Care Timeline: Estimating How Long to Live
Feb 22, 2024
Feb 22, 2024
Doctor-Ordered Hospice Care: When and Why It Happens
Doctor-Ordered Hospice Care: When and Why It Happens
Feb 20, 2024
Feb 20, 2024
Funeral Planning Timeline: How Long Does it Really Take?
Funeral Planning Timeline: How Long Does it Really Take?
Feb 15, 2024
Feb 15, 2024
Writing a Heartfelt Obituary for Your Husband: Inspiring Examples
Writing a Heartfelt Obituary for Your Husband: Inspiring Examples
Feb 14, 2024
Feb 14, 2024
Planning Your Funeral: The Best Age To Start
Planning Your Funeral: The Best Age To Start
Feb 14, 2024
Feb 14, 2024
Crafting a Loving Obituary For Your Son: Meaningful Examples
Crafting a Loving Obituary For Your Son: Meaningful Examples
Jan 18, 2024
Jan 18, 2024
Improving Communication Between Caregivers and Doctors
Improving Communication Between Caregivers and Doctors
Nov 29, 2023
Nov 29, 2023
Can Anyone Get a Copy of a Death Certificate? Who Is Authorized?
Can Anyone Get a Copy of a Death Certificate? Who Is Authorized?
Nov 25, 2023
Nov 25, 2023
Original Death Certificate vs. Certified Copy: Key Differences And Why They Matter
Original Death Certificate vs. Certified Copy: Key Differences And Why They Matter
Nov 25, 2023
Nov 25, 2023
How Do You Handle Negative Aspects of the Deceased's Life in a Eulogy?
How Do You Handle Negative Aspects of the Deceased's Life in a Eulogy?
Nov 25, 2023
Nov 25, 2023
Can There Be More Then One Eulogy at a Funeral? Etiquette Explained
Can There Be More Then One Eulogy at a Funeral? Etiquette Explained
Nov 24, 2023
Nov 24, 2023
My Dad Died, Can I Get His Retirement Pension?
My Dad Died, Can I Get His Retirement Pension?
Nov 24, 2023
Nov 24, 2023
How Many Copies of a Death Certificate Should You Get?
How Many Copies of a Death Certificate Should You Get?
Nov 24, 2023
Nov 24, 2023
Can a Eulogy Be Funny? Yes, Here Are 10 Respectful but Funny Examples
Can a Eulogy Be Funny? Yes, Here Are 10 Respectful but Funny Examples
Nov 24, 2023
Nov 24, 2023
How Do You Receive Inheritance Money WITHOUT any issues?
How Do You Receive Inheritance Money WITHOUT any issues?
Nov 17, 2023
Nov 17, 2023
Who Gets The Tax Refund of A Deceased Person? An Accountant Answers
Who Gets The Tax Refund of A Deceased Person? An Accountant Answers
Nov 17, 2023
Nov 17, 2023
How To Start a Eulogy: 15 Heartfelt Examples
How To Start a Eulogy: 15 Heartfelt Examples
Nov 14, 2023
Nov 14, 2023
How To Discuss End-of-Life Care With Parents (Simple Guide)
How To Discuss End-of-Life Care With Parents (Simple Guide)
Nov 14, 2023
Nov 14, 2023
How To Cancel a Deceased Person's Subscriptions the EASY Way
How To Cancel a Deceased Person's Subscriptions the EASY Way
Nov 8, 2023
Nov 8, 2023
What Should You Not Put in a Eulogy (9 Things To Avoid)
What Should You Not Put in a Eulogy (9 Things To Avoid)
Nov 7, 2023
Nov 7, 2023
How Are Estates Distributed If There's No Will? A Lawyer Explains Intestate
How Are Estates Distributed If There's No Will? A Lawyer Explains Intestate
Nov 6, 2023
Nov 6, 2023
Does Microsoft Word Have an Obituary Template?
Does Microsoft Word Have an Obituary Template?
Nov 6, 2023
Nov 6, 2023
How To Post an Obituary on Facebook: A Step-by-Step Guide
How To Post an Obituary on Facebook: A Step-by-Step Guide
Nov 6, 2023
Nov 6, 2023
Why Do You Need A Death Certificate For Estate & Probate Process?
Why Do You Need A Death Certificate For Estate & Probate Process?
Nov 2, 2023
Nov 2, 2023
How Do I Correct Errors on a Death Certificate? And, How Long Does It Take?
How Do I Correct Errors on a Death Certificate? And, How Long Does It Take?
Nov 2, 2023
Nov 2, 2023
12 Steps For Writing a Eulogy For Mom
12 Steps For Writing a Eulogy For Mom
Nov 2, 2023
Nov 2, 2023
12 Steps for Writing a Eulogy for Dad
12 Steps for Writing a Eulogy for Dad
Nov 1, 2023
Nov 1, 2023
Who Does The Obituary When Someone Dies?
Who Does The Obituary When Someone Dies?
Nov 1, 2023
Nov 1, 2023
How Late Is Too Late For An Obituary? 6 Steps To Take Today
How Late Is Too Late For An Obituary? 6 Steps To Take Today
Nov 1, 2023
Nov 1, 2023
How Much Does It Cost To Publish An Obituary? Breaking It Down
How Much Does It Cost To Publish An Obituary? Breaking It Down
Nov 1, 2023
Nov 1, 2023
6 Reasons You Need an Obituary (Plus 6 Reasons You Don't)
6 Reasons You Need an Obituary (Plus 6 Reasons You Don't)
Oct 30, 2023
Oct 30, 2023
Where Do You Post an Obituary: A Step-By-Step Guide
Where Do You Post an Obituary: A Step-By-Step Guide
Oct 30, 2023
Oct 30, 2023
Obituary vs Death Note: What Are the Key Differences?
Obituary vs Death Note: What Are the Key Differences?
Oct 5, 2023
Oct 5, 2023
Buying A House With Elderly Parent: 10 Things To Know
Buying A House With Elderly Parent: 10 Things To Know
Sep 14, 2023
Sep 14, 2023
I'm Trapped Caring for Elderly Parents
I'm Trapped Caring for Elderly Parents
Oct 5, 2023
Oct 5, 2023
401(k) and Minors: Can a Minor be a Beneficiary?
401(k) and Minors: Can a Minor be a Beneficiary?
Sep 12, 2023
Sep 12, 2023
How to Self-Direct Your 401(k): Take Control of Your Retirement
How to Self-Direct Your 401(k): Take Control of Your Retirement
Aug 3, 2023
Aug 3, 2023
The Ultimate Guide to Decluttering and Simplifying Your Home as You Age
The Ultimate Guide to Decluttering and Simplifying Your Home as You Age
Aug 3, 2023
Aug 3, 2023
The Essential Guide to Preparing for Retirement
The Essential Guide to Preparing for Retirement
Aug 3, 2023
Aug 3, 2023
Estate Planning For Blended Families (Complete Guide)
Estate Planning For Blended Families (Complete Guide)
Aug 3, 2023
Aug 3, 2023
Estate Planning For Physicians (Complete Guide)
Estate Planning For Physicians (Complete Guide)
Jul 14, 2023
Jul 14, 2023
Are You Legally Responsible For Your Elderly Parents?
Are You Legally Responsible For Your Elderly Parents?
Jun 7, 2023
Jun 7, 2023
How To Travel With Elderly Parent: Here's How to Prepare
How To Travel With Elderly Parent: Here's How to Prepare
Jun 6, 2023
Jun 6, 2023
Checklist For Moving A Parent To Assisted Living
Checklist For Moving A Parent To Assisted Living
Jun 6, 2023
Jun 6, 2023
How to Set Up A Trust For An Elderly Parent: 6 Easy Steps
How to Set Up A Trust For An Elderly Parent: 6 Easy Steps
Jun 6, 2023
Jun 6, 2023
How To Stop Elderly Parents From Giving Money Away (9 Tips)
How To Stop Elderly Parents From Giving Money Away (9 Tips)
Jun 6, 2023
Jun 6, 2023
Should Elderly Parents Sign Over Their House? Pros & Cons
Should Elderly Parents Sign Over Their House? Pros & Cons
May 17, 2023
May 17, 2023
Estate Planning: A Comprehensive Guide
Estate Planning: A Comprehensive Guide
May 2, 2023
May 2, 2023
Helping Elderly Parents: The Complete Guide
Helping Elderly Parents: The Complete Guide
May 1, 2023
May 1, 2023
Trustworthy guide: How to organize your digital information
Trustworthy guide: How to organize your digital information
Apr 15, 2023
Apr 15, 2023
Can My Husband Make a Will Without My Knowledge?
Can My Husband Make a Will Without My Knowledge?
Apr 15, 2023
Apr 15, 2023
What is a Last Will and Testament (also known as a Will)?
What is a Last Will and Testament (also known as a Will)?
Apr 15, 2023
Apr 15, 2023
Can A Wife Sell Deceased Husband's Property (6 Rules)
Can A Wife Sell Deceased Husband's Property (6 Rules)
Apr 15, 2023
Apr 15, 2023
Should I Shred Documents Of A Deceased Person? (5 Tips)
Should I Shred Documents Of A Deceased Person? (5 Tips)
Apr 15, 2023
Apr 15, 2023
Can I Change My Power of Attorney Without A Lawyer?
Can I Change My Power of Attorney Without A Lawyer?
Apr 15, 2023
Apr 15, 2023
Can You Have Two Power of Attorneys? (A Lawyer Answers)
Can You Have Two Power of Attorneys? (A Lawyer Answers)
Apr 15, 2023
Apr 15, 2023
Do Attorneys Keep Copies Of a Will? (4 Things To Know)
Do Attorneys Keep Copies Of a Will? (4 Things To Know)
Apr 15, 2023
Apr 15, 2023
Estate Planning for a Special Needs Child (Complete Guide)
Estate Planning for a Special Needs Child (Complete Guide)
Apr 15, 2023
Apr 15, 2023
Estate Planning For Childless Couples (Complete Guide)
Estate Planning For Childless Couples (Complete Guide)
Apr 15, 2023
Apr 15, 2023
Estate Planning For Elderly Parents (Complete Guide)
Estate Planning For Elderly Parents (Complete Guide)
Apr 15, 2023
Apr 15, 2023
Estate Planning For High Net Worth & Large Estates
Estate Planning For High Net Worth & Large Estates
Apr 15, 2023
Apr 15, 2023
Estate Planning For Irresponsible Children (Complete Guide)
Estate Planning For Irresponsible Children (Complete Guide)
Apr 15, 2023
Apr 15, 2023
How To Get Power of Attorney For Parent With Dementia?
How To Get Power of Attorney For Parent With Dementia?
Apr 15, 2023
Apr 15, 2023
I Lost My Power of Attorney Papers, Now What?
I Lost My Power of Attorney Papers, Now What?
Apr 15, 2023
Apr 15, 2023
Is It Better To Sell or Rent An Inherited House? (Pros & Cons)
Is It Better To Sell or Rent An Inherited House? (Pros & Cons)
Apr 15, 2023
Apr 15, 2023
Is It Wrong To Move Away From Elderly Parents? My Advice
Is It Wrong To Move Away From Elderly Parents? My Advice
Apr 15, 2023
Apr 15, 2023
Moving An Elderly Parent Into Your Home: What To Know
Moving An Elderly Parent Into Your Home: What To Know
Apr 15, 2023
Apr 15, 2023
Moving An Elderly Parent to Another State: What To Know
Moving An Elderly Parent to Another State: What To Know
Apr 15, 2023
Apr 15, 2023
What If Witnesses To A Will Cannot Be Found? A Lawyer Answers
What If Witnesses To A Will Cannot Be Found? A Lawyer Answers
Apr 15, 2023
Apr 15, 2023
What To Bring To Estate Planning Meeting (Checklist)
What To Bring To Estate Planning Meeting (Checklist)
Apr 15, 2023
Apr 15, 2023
When Should You Get An Estate Plan? (According To A Lawyer)
When Should You Get An Estate Plan? (According To A Lawyer)
Apr 15, 2023
Apr 15, 2023
Which Sibling Should Take Care of Elderly Parents?
Which Sibling Should Take Care of Elderly Parents?
Apr 15, 2023
Apr 15, 2023
Who Can Override A Power of Attorney? (A Lawyer Answers)
Who Can Override A Power of Attorney? (A Lawyer Answers)
Apr 15, 2023
Apr 15, 2023
Can Power of Attorney Sell Property Before Death?
Can Power of Attorney Sell Property Before Death?
Apr 15, 2023
Apr 15, 2023
Can The Executor Of A Will Access Bank Accounts? (Yes, Here's How)
Can The Executor Of A Will Access Bank Accounts? (Yes, Here's How)
Apr 15, 2023
Apr 15, 2023
Complete List of Things To Do For Elderly Parents (Checklist)
Complete List of Things To Do For Elderly Parents (Checklist)
Apr 15, 2023
Apr 15, 2023
How To Get Power of Attorney For A Deceased Person?
How To Get Power of Attorney For A Deceased Person?
Apr 15, 2023
Apr 15, 2023
How To Help Elderly Parents From A Distance? 7 Tips
How To Help Elderly Parents From A Distance? 7 Tips
Apr 15, 2023
Apr 15, 2023
Legal Documents For Elderly Parents: Checklist
Legal Documents For Elderly Parents: Checklist
Apr 15, 2023
Apr 15, 2023
Selling Elderly Parents Home: How To Do It + Mistakes To Avoid
Selling Elderly Parents Home: How To Do It + Mistakes To Avoid
Apr 15, 2023
Apr 15, 2023
What To Do When A Sibling Is Manipulating Elderly Parents
What To Do When A Sibling Is Manipulating Elderly Parents
Apr 6, 2023
Apr 6, 2023
Can An Out of State Attorney Write My Will? (A Lawyer Answers)
Can An Out of State Attorney Write My Will? (A Lawyer Answers)
Mar 15, 2023
Mar 15, 2023
Settling an Estate: A Step-by-Step Guide
Settling an Estate: A Step-by-Step Guide
Feb 10, 2023
Feb 10, 2023
My Deceased Husband Received A Check In The Mail (4 Steps To Take)
My Deceased Husband Received A Check In The Mail (4 Steps To Take)
Feb 7, 2023
Feb 7, 2023
The Benefits of Working With an Experienced Estate Planning Attorney
The Benefits of Working With an Experienced Estate Planning Attorney
Feb 6, 2023
Feb 6, 2023
How To Track Elderly Parents' Phone (2 Options)
How To Track Elderly Parents' Phone (2 Options)
Feb 1, 2023
Feb 1, 2023
Can You Collect Your Parents' Social Security When They Die?
Can You Collect Your Parents' Social Security When They Die?
Feb 1, 2023
Feb 1, 2023
How Do I Stop VA Benefits When Someone Dies (Simple Guide)
How Do I Stop VA Benefits When Someone Dies (Simple Guide)
Feb 1, 2023
Feb 1, 2023
Can You Pay Money Into A Deceased Person's Bank Account?
Can You Pay Money Into A Deceased Person's Bank Account?
Feb 1, 2023
Feb 1, 2023
Deleting A Facebook Account When Someone Dies (Step by Step)
Deleting A Facebook Account When Someone Dies (Step by Step)
Feb 1, 2023
Feb 1, 2023
Does The DMV Know When Someone Dies?
Does The DMV Know When Someone Dies?
Feb 1, 2023
Feb 1, 2023
How To Find A Deceased Person's Lawyer (5 Ways)
How To Find A Deceased Person's Lawyer (5 Ways)
Feb 1, 2023
Feb 1, 2023
How To Plan A Celebration Of Life (10 Steps With Examples)
How To Plan A Celebration Of Life (10 Steps With Examples)
Feb 1, 2023
Feb 1, 2023
How To Stop Mail Of A Deceased Person? A Simple Guide
How To Stop Mail Of A Deceased Person? A Simple Guide
Feb 1, 2023
Feb 1, 2023
How to Stop Social Security Direct Deposit After Death
How to Stop Social Security Direct Deposit After Death
Feb 1, 2023
Feb 1, 2023
How To Transfer Firearms From A Deceased Person (3 Steps)
How To Transfer Firearms From A Deceased Person (3 Steps)
Feb 1, 2023
Feb 1, 2023
How To Write An Obituary (5 Steps With Examples)
How To Write An Obituary (5 Steps With Examples)
Feb 1, 2023
Feb 1, 2023
What Happens To A Leased Vehicle When Someone Dies?
What Happens To A Leased Vehicle When Someone Dies?
Jan 31, 2023
Jan 31, 2023
Do Wills Expire? 6 Things To Know
Do Wills Expire? 6 Things To Know
Jan 31, 2023
Jan 31, 2023
How To Get Into a Deceased Person's Computer (Microsoft & Apple)
How To Get Into a Deceased Person's Computer (Microsoft & Apple)
Jan 31, 2023
Jan 31, 2023
Why Do Funeral Homes Take Fingerprints of the Deceased?
Why Do Funeral Homes Take Fingerprints of the Deceased?
Jan 31, 2023
Jan 31, 2023
What To Do If Your Deceased Parents' Home Is In Foreclosure
What To Do If Your Deceased Parents' Home Is In Foreclosure
Jan 31, 2023
Jan 31, 2023
Questions To Ask An Estate Attorney After Death (Checklist)
Questions To Ask An Estate Attorney After Death (Checklist)
Jan 31, 2023
Jan 31, 2023
What Happens If a Deceased Individual Owes Taxes?
What Happens If a Deceased Individual Owes Taxes?
Jan 31, 2023
Jan 31, 2023
Components of Estate Planning: 6 Things To Consider
Components of Estate Planning: 6 Things To Consider
Jan 22, 2023
Jan 22, 2023
What To Do If Insurance Check Is Made Out To A Deceased Person
What To Do If Insurance Check Is Made Out To A Deceased Person
Jan 8, 2023
Jan 8, 2023
What Does a Typical Estate Plan Include?
What Does a Typical Estate Plan Include?
Apr 15, 2022
Apr 15, 2022
Can I Do A Video Will? (Is It Legitimate & What To Consider)
Can I Do A Video Will? (Is It Legitimate & What To Consider)
Apr 15, 2022
Apr 15, 2022
Estate Planning For Green Card Holders (Complete Guide)
Estate Planning For Green Card Holders (Complete Guide)
Mar 2, 2022
Mar 2, 2022
What Does Your “Property” Mean?
What Does Your “Property” Mean?
Mar 2, 2022
Mar 2, 2022
What is the Uniform Trust Code? What is the Uniform Probate Code?
What is the Uniform Trust Code? What is the Uniform Probate Code?
Mar 2, 2022
Mar 2, 2022
Do You Need to Avoid Probate?
Do You Need to Avoid Probate?
Mar 2, 2022
Mar 2, 2022
How is a Trust Created?
How is a Trust Created?
Mar 2, 2022
Mar 2, 2022
What Are Advance Directives?
What Are Advance Directives?
Mar 2, 2022
Mar 2, 2022
What does a Trustee Do?
What does a Trustee Do?
Mar 2, 2022
Mar 2, 2022
What is an Estate Plan? (And why you need one)
What is an Estate Plan? (And why you need one)
Mar 2, 2022
Mar 2, 2022
What is Probate?
What is Probate?
Mar 2, 2022
Mar 2, 2022
What Is Your Domicile & Why It Matters
What Is Your Domicile & Why It Matters
Mar 2, 2022
Mar 2, 2022
What Is a Power of Attorney for Finances?
What Is a Power of Attorney for Finances?
Mar 1, 2022
Mar 1, 2022
Should your family consider an umbrella insurance policy?
Should your family consider an umbrella insurance policy?
Mar 1, 2022
Mar 1, 2022
Do I need a digital power of attorney?
Do I need a digital power of attorney?
Apr 6, 2020
Apr 6, 2020
What Exactly is a Trust?
What Exactly is a Trust?