At its most basic, a will directs the distribution of certain property at the time of your death. Most people know that a will belongs on a shortlist of essential documents for estate planning. However, you might not know what factors make it beneficial to have a will, especially if you do not hold massive financial assets or own a company. Situations that require a will According to information from Money Under 30, nearly all married individuals will benefit from having a will. Two main reasons make this true: the first ensures your spouse will get the appropriate assets, without leaving ..read more

As parents begin to age, it will likely become more notable that average, daily things get harder and harder to do. Maintaining an entire house and living independently can both grow increasingly difficult with time. However, you do not need to send your parents to a nursing facility the second things get a little rough. Instead, consider home care, a solution that allows for elderly individuals to continue living at home and maintaining the majority of their independence while also getting needed help. Health care Aging In Place takes a look at some of the different types of at-home care avai ..read more

If you’ve been reading our blog, then you know that there are many aspects to an estate plan. Oftentimes the focus is on physical assets, such as money, real estate, and personal property, but it can also include powers of attorney and health directives that can instruct other as to how to act in the event that incapacitation strikes. For New Yorkers who have children, there is a whole other consideration that must be considered when creating an estate plan. This involves how one’s children will be cared for in the event of death. Usually, individuals name someone who has agreed to serve as th ..read more

Drafting an estate plan is supposed to be a process blanketed in trust. Those engaging in estate planning often trust professionals to provide them with advice that is best for their set of circumstances, and those same individuals often trust that their heirs and beneficiaries will abide by the estate plan. Although thoughtful and thorough estate planning can ensure that trust is maintained and that asset distribution upon death occurs in accordance with a testator’s wishes, there are circumstances where trust is betrayed and estate plans are threatened. One way this can occur is when others ..read more

When you start working on your estate plan, one of the first things you must decide is who you want serving as the executor of your estate. This is a pivotal role and the person you select must fit certain criteria. Naturally, you may lean toward a trusted relative for this duty. But is that actually the best option? Personal trust in your executor CNBC discusses choosing the right executor for your estate. In order to have a good executor, they must fit several important criteria first. Of course, the amount of trust you have in them on a personal level is of great importance. Can you trust t ..read more

Gathering the courage and motivation to engage in estate planning can be quite an ordeal in and of itself. However, the process can be much more difficult to tackle if you have unique circumstances that must be addressed. One such issue is when an heir is one who has special needs. Typically, this person is a child of an estate planner, so those engaging in estate planning want to make sure they are taking the proper steps to ensure their child is adequately cared for once they pass. This can be of particular importance to those heirs who are receiving some sort of state or federal assistance ..read more

When it comes to estate planning, every person should have a reliable plan in place, regardless of their age or financial status. Living wills are one essential part of estate planning that can benefit you while you are still alive. Living wills contain directives on the type of medical care you desire in the event illness or injury incapacitates you. Because a life-threatening medical condition can occur at any time, it is important that you have a plan to protect yourself. Common provisions in living wills Living wills routinely discuss life-preserving medical care and the practices that sur ..read more

When you cannot make your own medical decisions because of an illness or injury, a healthcare proxy will determine what happens. This document gives power to an individual who can then make these important choices on your behalf. Of course, it makes sense that older adults often have a healthcare proxy in place. But what about younger adults? Should adults in their 20s have a healthcare proxy? What is a healthcare proxy? Tufts Medical Center explains that any adult could benefit from having a healthcare proxy, including those in their 20s. The overall reason for this is quite simple: no one kn ..read more

Estate planning is the process through which individuals devise a plan for the distribution of their assets upon their passing. These assets can vary widely from person-to-person,and can encompass numerous asset types. Bank accounts, stocks and bonds, real estate, personal possessions and even intellectual property can be addressed in an estate plan. Yet, while creating an estate plan or when a loved one passes away, individuals are often left wondering how debts are handled after death. Generally speaking, debts are not inherited. Therefore, when an individual passes away, his or her loved on ..read more

Finding the time, energy and motivation to create an estate plan is small feat. Yet, successful creation of one of these plans is just the start of the asset distribution process. In fact, an estate administrator plays a significant role in this process, as he or she has a number of duties that must be carried out carefully to ensure that the estate’s integrity is protected. So what does an estate administrator do? Generally speaking, he or she is charged with dispersing an estate’s assets upon an individual’s passing and once all estate debts are paid. That may sound easy enough, but the trut ..read more