3 Estate Planning Documents Your Parents Need Right Now
In these digital days, more than ever before, there are strict financial institutional privacy...
In these digital days, more than ever before, there are strict financial institutional privacy...
Unless you’ve created a proper estate plan, when you’re gone, before any of your belongings are distributed, many of your assets must first pass through the court process known as probate. Like most court proceedings, probate can be time-consuming, costly, aggravating, and open to the public. Avoiding probate—and keeping your family out of court—should be a primary goal of most estate plans.
When it comes to estate planning, if you are like most people, you automatically think about taking legal steps to ensure the right people inherit your belongings when you’re gone. Although that thought is not wrong, it does leave out a very important aspect, planning for life. Planning for life is perhaps the most critical part of planning.
If you are like many homeowners, your home is likely your family’s most valuable and treasured asset. To ensure your home will pass to your heirs in the most efficient and safe manner possible, you want to plan wisely.
Many of my clients often ask me, “when and how often should I update my Will and other Estate Planning documents?”
Most people know that it’s essential to have a Will as a part of a complete estate plan. A necessary part of the planning process is selecting the right Executor.
Giving up independence and being forced into a nursing home is one of the biggest fears elderly people have. You may be somewhat relieved to know that as long as you have the ability to make your own medical decisions, no one can force you to go anywhere you don’t want to go. Your doctor or your nurse can’t force you. Even a person who you appointed as your agent in your power of attorney (POA) can’t force you. If your family is insisting that you go to a nursing home or skilled nursing facility, and you don’t want to, if you have the capacity to make the decision not to, no matter how poor that decision is, you have the right to remain home against everyone’s wishes.