If you don’t have a spouse or children, you might think you don’t need to do much estate planning. However, if you have any assets, any familial connections, any interest in supporting charitable groups – not to mention a desire to control your own future – you do need to establish an estate plan.
Ensuring that your wishes on your medical care are followed, is up to you. Take action now while you’re well, or you could later lose a say in the matter during a crucial time.
Americans have been living through a ‘golden age’ of estate planning, but it’s coming to an end, says one consultant to ultra-high-net-worth families and family offices.
Over the years I get all kinds of questions from people. And boy, have I heard some doozies. But one common one I get is called the ‘lazy (or poor) man’s (or woman’s’) estate planning.’ This type of estate planning has some very negative tax consequences.
The documents may still be valid but if they are stale or outdated, you may spend significant money trying to use them down the road.
Are there any grounds that my adult children, siblings or ex-wife can contest my living will or the power of attorney that I have signed into effect for my caregiver?
If the deceased has a will, it usually names a close relative, friend, accountant, attorney or financial institution to act as executor of the will.
In some cases, estate planning can be quite simple. In others, it can be a complex process with far-reaching consequences. In either case, it is important to review your wishes and have the proper documents prepared to ensure that they are followed at your death.
Is it better to help your children when you’re still alive? Or wait until after you die?
Death, taxes and our fingers are a few things we can count on. As for the former, taxes will be owed, and death is certain.
