When it comes to estate planning, the most familiar document is the last will and testament. Most people have a basic understanding that a will allows you to appoint a personal representative (an executor) upon your death and directs that person to distribute your assets as you specify.
You spend a lot of time trying to make life easier for your family. You care for them and try to protect them from trouble and pain. You know that no one lives on this earth forever. You know how difficult it is to deal with the death of a loved one and don’t want your family members struggling to wrap up your affairs. You wish there was a way to look out for them after you are gone.
It’s that time of year again. Yes, it is New Year’s resolution time. Was making a will one of your unfulfilled resolutions from past years? Is it on your “to-do” list for 2020? The good news is that with a modest investment of time and effort, you will be able to check this off your list in just a couple of weeks and you won’t even have to go to the gym to get it done!
When it comes to estate planning, the most familiar document is the last will and testament. Most people have a basic understanding that a will allows you to appoint a personal representative (an executor) upon your death and directs that person to distribute your assets as you specify. Put another way, a will says who gets your stuff when you die—but until you die, it does nothing.
You spend a lot of time trying to make life easier for your family. You care for them and try to protect them from trouble and pain. You know that no one lives on this earth forever. You know how difficult it is to deal with the death of a loved one and don’t want your family members struggling to wrap up your affairs. You wish there was a way to look out for them after you are gone.
Holidays give us the opportunity to spend more time with family. When we spend more time with our aging parents at these holiday gatherings, we often notice the early indications that a parent is slipping. You may notice a parent forgetting things or no longer participating in things he or she always enjoyed. Perhaps it is a conversation over coffee, and a short while later, Dad is repeating himself with no signs that he remembers the same conversation the two of you had that morning.
Most of the cases concerning support that we handle day in and day out involve support of minor children.
To begin planning your estate is to think through the intricacies of your life, to think about your values and your family. But there is nitty-gritty you might be overlooking: the financial, the legal, and the shared understandings. Make time to consider what you might be overlooking before planning in earnest.
For the purpose of planning your estate, a will is the basic tool for putting your plan in place. However there are other ways to accomplish this task, such as revocable or irrevocable trusts.
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