A lifetime of success and earnings may not be enjoyed by heirs if wills, trusts and other important estate documents are not properly drafted and there was other poor planning. Effective estate planning can avoid mistakes and provide for the effective distribution of assets and property to heirs.
Wills may not be for everyone
A will may be the first thing that people think about when it comes to their estate planning. However, wills have some disadvantages. A will is a public court document that is used in a probate proceeding when a person died with their assets in their name. The probate process determines whether the will is valid and may be expensive and lengthy. Family members may also seek a larger share of the estate by engaging in a will contest, challenging its validity or allocation of assets.
Do you know how to recognize lack of capacity?
If you are the adult child of elderly parents, you may be thinking about helping your parents with their long-term planning. Estate planning is not a topic just for the wealthy; everyone can benefit from advance planning about how to manage their assets after they pass away.
Divorce old estate plans
A divorce often requires changes in relationships and finances. Ending a marriage should also include estate planning changes so that the estate is managed in accordance with a person's wishes after they die.
Long-term care challenges for LGBTQ people
Long-term care should be addressed well before it is needed. While it may be a difficult issue for many families, long-term planning may present an additional obstacle to the LGBTQ community that needs addressed.
Financial powers of attorney have limits
Estate planning requires preparation for the time that a person cannot handle their financial and health matters. A financial power of attorney is essential and can even address matters after its maker's death. However, these powers of attorney often face hurdles.
