Everyone assumes that people who don't have any living family members don't need to create an estate plan. This is far from the truth. Just because you don't have any heirs right now doesn't mean that you have to let the state seize your assets upon your death.
Estate planning is easy to overlook since most people don't think about their death. While this is understandable, it can cause problems if something does happen to you. Only around 40 percent of American adults have taken the time to get an estate plan set up. That figure increases to around 81 percent for people who are 72 years old or older, which is a good thing.
We recently discussed the ways that you can handle your passwords and other similar information when you are creating your estate plan. This is very important in this digital age; however, you can't focus on this so much that you forget about the other important aspects of your estate plan. We know that this is hard to think about, but thinking about this now can save your loved ones time and effort later.
Think about all of the things that you do online on a daily basis. If you are like most people, you have social media accounts, emails and online financial accounts. These certainly make life a lot easier to live. The issue is that when you pass away, your loved ones might not be able to access this information. Here are some important points to consider when you are ready to pass this information on.
Making sure that your loved ones get the most that they can out of your estate is a concern of many people. For some people, there aren't any huge considerations here because they don't have massive estates. The issue comes into the picture when you have to try to reduce the size of your estate so that a hefty portion of the estate won't go toward taxes.
The last thing that many people want to think about is how they want their funeral to be when they pass away. There are a lot of things to consider if you are going to make funeral plans for yourself.
You have worked hard for the things that you have. You probably want to decide where your things are going to go when you die. You don't want your family members to fight over them and you don't want someone who doesn't know you to decide where things will go.
People often focus on the will when they think of estate planning. While this is an important part of the plan, it isn't the only component to the estate plan. No matter how old you are, all adults should have an estate plan in place.
You didn't think you'd have any issues with how your parents did their estate planning. Then the will came out, and you were astounded. It couldn't be right, you thought. There had to be some mistake.
Special needs trusts are those that are created and managed for the benefit of someone who has special needs. Typically, beneficiaries are mentally challenged or disabled in some way, making it difficult or impossible for them to manage the assets themselves. Special needs trusts can be a way to ensure those with these needs is cared for, even if you are no longer able to assist them yourself.