What’s the Best Way to Create a Comprehensive Estate Plan?
Posted on October 27, 2021 by shieldsandboris
The number of young adults ages 18 to 34 with estate planning documents increased by 63% since 2020. That’s mainly because of the pandemic, says CBS News’ recent article entitled “How to create a well-rounded estate plan.”
Estate planning is more than just writing a will. A will is one part of a comprehensive estate plan, which involves multiple tools.
Some common inclusions are wills, powers of attorney, advance directives, trusts and more. Estate plans can involve both durable power of attorney for your finances and healthcare power of attorney for medical decisions, if you’re incapacitated.
For young adults, a significant issue beyond the distribution of family assets may be designating a health care proxy and power of attorney (POA).
This part of an estate plan addresses the question of who will make a health care decision on your behalf, if you are unable to do this yourself.
A POA solves the issue of who will make a business or financial decision on your behalf if you can’t.
These documents aren’t just for when you’re on life support. They may be implemented when you’re in the hospital and out of action for a while.
As far as medical directives, you should detail your treatment wishes as much as possible.
This is a very big task to place on someone, so the more detailed you can be about your wishes, the better it will be. And the easier it will for the person who’s your health care agent to carry out your wishes.
You should talk to the individual you’ve selected to be your agent to make certain that he or she is willing and able to assume this big job.
If you have a complicated situation, such as a blended family or you’re not in great standing with the rest of your family, you should definitely work with a qualified estate attorney in the state in which you reside.
Reference: CBS News (Aug. 11, 2021) “How to create a well-rounded estate plan”
A Guide to Alzheimer's Care
Planning for someone who has Alzheimer’s disease can be complicated. Proper planning in advance can help alleviate many frustrations as the disease progresses. The time to act is now. Learn the steps for proper planning from our eBook to ensure that things are handled according to your wishes and that you’ve taken the best steps possible to protect your loved ones and your family’s financial security.
When Someday Arrives
We wrote this book for retirees and child caregivers as a tool to allow you to stay at home as long as possible and as a guide of what to do if you or a loved one cannot stay at home. We believe every family has a legacy to protect, and it is our job to protect that legacy. The greatest risk to today’s retiree is a long-term care health crisis. Request your copy today to prepare for what the future holds.
What To Do When A Loved One Dies
Consumers and financial planners, use this book as a down-to-earth primer of estate planning and elder law! Learn about the duties, rights, and responsibilities of the executor or administrator of an estate and what you should expect from competent legal counsel when you have to probate an estate. Find tools such as a guide to help you retain competent counsel and even an estate organizer so you can organize your own affairs.
Don't Go Broke in a Nursing Home
Take back control of your life and provide excellent long-term care for your aging loved ones without going broke in the process. Find creative financial strategies to protect your assets and the quality of care you receive. In addition, learn about little-known tax incentives, how to choose the right home care providers, long-term care facilities, and how to manage the crisis.