Beyond simply distributing assets, estate planning ensures your generosity provides long-term security for your loved ones. Spendthrift trusts are powerful legal tools that limit a beneficiary’s access to principal while protecting assets from creditors, lawsuits and imprudent spending. These five warning signs may indicate that a spendthrift trust could be an essential component of your estate plan. History of financial…
Involuntary adult guardianships exist because they are sometimes necessary. Health challenges and cognitive decline may prevent older adults from appropriately managing their own affairs. Guardians hold authority comparable to that of parents. They can make medical choices and decisions about daily life. Conservators may have legal authority over another adult’s assets. When people can no longer consistently act in their…
People establishing estate plans can draft documents to address a variety of challenging situations. They can plan for their eventual death and ensure that their loved ones have appropriate support. They can also plan in advance for the possibility of a major medical emergency. People of all ages may want to draft documents that take effect if they become incapacitated.…
For many people, having children is what inspires them to establish an estate plan. They recognize that minors completely depend on their parents, and they want to ensure that their children have financial and practical support should a tragedy occur. There are many parenting milestones that may make estate planning or adjustments to existing documents necessary. The last child in…
Your life as you know it could change in an instant. One moment, you are perfectly capable of making decisions for yourself, and the next, an accident or sudden illness can take away that ability. But life does not pause for us, and responsibilities like paying bills or making medical decisions do not go away. If you have not made…
Video wills are a popular trope in the media. Movies and television shows depict recently-deceased characters explaining their testamentary wishes in a recording found by others. These video wills may seem much more personal and intimate than a written document. People might like the idea of leaving a recording in which they explain their wishes regarding the distribution of their…
Medical challenges often make people aware of their mortality more quickly than many other experiences. People facing progressive or terminal medical conditions often have to think carefully about what may happen in the future. Frequently, people focus so much on investigating their diagnosis and preparing for treatment that they may fail to address other important practical considerations. Those who have…
Estate planning is something that’s usually not at the top of a person’s to-do list, but it’s critical that all adults get this plan handled as soon as possible. This can give the creator of the estate the peace of mind that comes with knowing that their wishes are being clearly relayed. It also makes it easier for their loved…
Valuable assets require careful consideration during estate planning. People often take special steps to address businesses or real property that they own. They may want to keep their most valuable assets out of probate court. Typically, any resources that belong directly to an individual pass through probate court as part of their estate when they die. However, individuals who establish…
Many people only start thinking about estate planning when they are older and relatively settled. Some people don’t draft wills until they start preparing for retirement. Others make a point of expanding and revising their documents as they prepare to cease working full-time. Many retirees assume that they no longer have to make major adjustments to their estate plans. However,…