Our Estate Planning Blog
If you own a business, you’ve always got plenty to think about: sales, marketing, employees, competition, industry trends and consumer preferences. The list goes on and on.
You can no longer make medical or financial decisions for your children without proper paperwork.
Do not put off finalizing and signing your estate planning documents, just because you have reached an impasse on who to name as trustee.
Imagine that tomorrow you suddenly become severely ill or incapacitated. Who would take care of your finances? How would they do it? If you don’t have a durable power of attorney, others, including your spouse, may not be able to conduct all your financial affairs on your behalf.
You should have a candid discussion with your parents about the point at which monitoring would feel intrusive.
Smart estate planning, therefore, includes addressing how to handle digital assets.
Selecting appropriate guardians will ensure that your minor children are cared for, if you pass away.
However, some want you to believe that you need only purchase a form to have an effective estate plan. Using this form, you are told, can save money and — best of all — the form is valid in all 50 states.
If you and your close relatives are opinionated and speak your minds, caring for your aging adults might be a challenge.
No matter what line of work you are in, estate planning has facets that apply to everyone, and it comes down to documenting wishes and avoiding probate and unnecessary taxes. Too many people put it off, but, in general, the sooner you do it, the better.
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