The unexpected demise of your Uncle Harry not only left you with a feeling of sadness, but also with questions related to his will.
Uncle Harry named you as his executor, and you were proud to take on the task. However, you have never done this before, and you want to do a good job. Here are five tips for doing just that.
Estate planning is a complex process that entails more than just writing a will. You may not understand all the terms the court uses as you determine which plans you need, causing you to feel overwhelmed.
Understanding definitions is the first step in ensuring your plans match and cover all your needs. Two such terms you need to be able to differentiate are durable power of attorney and medical power of attorney.
One of the most important estate planning documents you will create is the durable power of attorney. When you create this document, you appoint an agent to make financial and legal decisions for you if you become mentally incapacitated. You can approve this person to pay bills, handle banking transactions, manage real estate, make investments, handle taxes and manage insurance.
These are all important duties that should only be carried out by a trustworthy individual. It can be tricky to decide who to entrust with this role. Here are a few crucial considerations to make when writing this document.
As you gather your documents and drafts of your final arrangements and plans to review, you realize how important digital access and accounting is for you. In this high tech and digital world, you probably have multiple online accounts, each utilizing a sometimes unique password to access.
What happens to those accounts when you die? Recently, a push to include digital access information in wills and other estate planning documents is gaining steam.
When drafting a will, especially for the first time, the process may seem overwhelming. With so many things to consider, finding someone who can help you navigate the process is your best bet.
Once you draft your will, is it a good idea to give a copy to your family? If you do not, who executes the estate upon your passing?
When starting a business, an entrepreneur settles on a product or service that appeals to his or her talent and interests. The fun part of the process often includes selecting a name and a logo, perhaps finding a partner, sketching a business plan and deciding whether to open a storefront.
When the dust settles, and a newly minted business owner begins to dig the foundation, pour the concrete and start building the structure, some realities emerge. The entrepreneur faces unexpected financial issues, a morass of state and federal laws, tax responsibilities and an uncomfortable awareness of all the unknowns.
Have you ever stood in front of your refrigerator and carefully examined the expiration date on a carton of milk? Even if the date had passed, did you sniff the carton and make your own assessment of your milk’s freshness? Like the milk in your refrigerator, your last will and testament may have effectively expired.
Because thinking about death can be uncomfortable, many Texans put off writing a will. Once you finish the task, it may be tempting to never think about the document again. Unfortunately, if you fail to regularly ensure your will continues to reflect your wishes, you may miss the mark. Here are four signs your will may be out of date.
The winter holiday season is the perfect time to update your estate plan. During this time of year, you reflect on what is most meaningful in your life. You also deal with some stressful circumstances during the holidays.
It is vital to review and revise your estate plan on a regular basis, so why not start now? Here are some reasons why the holiday season should motivate you to ensure your estate planning documents are up to date.
As a parent, you want to provide for your children in the best way possible. A proper estate plan may help you in providing for and protecting them beyond your lifetime, and throughout the rest of their own.
An estate plan can be comprised of several different documents. There are three key elements to incorporate into a successful plan.
It is paramount for people to make a durable and medical power of attorney when they are still young and all their mental faculties are intact. A power of attorney will give someone else the power to make medical and financial choices for you when you cannot make them independently. In the event that you delay making a power of attorney, then at some point, it may become too late. The process becomes much harder when a person loses his or her cognitive functions without a power of attorney in place.
It is never too early to give someone power of attorney. In fact, you can help circumvent headaches down the line by giving a loved one, such as a spouse or child, this designation well before you actually need it.
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