Prenuptial agreements have become very popular in the past few years, but you and your spouse might not have had one. Instead, you may have created a postnuptial agreement.
A happy blended family is one that is blended on several levels: physically, mentally, emotionally and financially. An estate plan can be very helpful with the financial aspect.
If you have an adult child who has a disability, you want to be able to provide for him in the best way possible, in terms of his physical, mental and financial well-being. As parents, your biggest worry may be how to ensure he is well cared for after you are gone.
Your mother has been careful about keeping the family estate intact, just the way your dad left it to her when he died. Now she suddenly wants to change her will.
People tend to think that all their assets must eventually go through probate, but that is not true. For example, if you and your spouse share joint ownership of your home, your spouse will own it under right of survivorship after you pass away.
If you have remarried, questions will arise at some point concerning your estate. The number one question will be about who gets what, and how, after you die.
While many people immediately think of lawyers for handling criminal cases or litigation such as in divorces or contentious custody battles, they may not consider the need for an attorney in a situation such as estate administration. Often, individuals do not think about planning for the proper distribution of their assets or the management of their estate, and this can leave their loved ones in difficult circumstances amidst the trying time of dealing with a death.
Though a will can be beneficial after your passing, it may not cover all the areas of your estate. A proper estate plan can help you to take care of your loved ones even after you are gone.
An estate plan is not something young people often think about. The idea normally surfaces around the time the first child comes along, but the new parents might not take action on it right away.
If your Uncle Joe named you as trustee in his revocable trust, he obviously had faith in your ability to act on his behalf if he became incapacitated. Your first priority is to follow the instructions in the trust document. Remember that you cannot mix trust assets. Always keep those belonging to the trust separate from your own.