Estate Planning for Living
Does a person need a Power of Attorney document if that person already has a Last Will and Testament (‘Will’)? It is a critical piece of the planning puzzle.
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Does a person need a Power of Attorney document if that person already has a Last Will and Testament (‘Will’)? It is a critical piece of the planning puzzle.
Here are some important parts of your estate plan that should be reviewed.
It’s hard for a family to recuperate when the patriarchs and matriarchs have gone to glory, leaving a battle for who will carry the family’s leadership role and manage the family’s transition of wealth.
A competent elder law or estate attorney can keep the estate process on track, and knows of provisions like family allowances, benefits to prepaying inheritance tax, even where the tax return is not yet complete and a listing of itemized deductions.
At such an emotional time, more paperwork is probably the last thing you want on your to-do list. However, taking a few key steps is critical to your financial future.
Even those who have saved and invested well may not be sharing their financial information with a spouse or loved one. It’s time to do that now.
Usually when asked to be the executor of a family member’s estate, the person feels honored and trusted. It’s a big responsibility, since the executor will be carrying out a person’s final wishes.
This legal document can also be beneficial in many situations, such as if you want to leave an inheritance to someone but aren’t sure they will use the gift wisely.
When someone passes away, their tax headaches don’t die with them. In fact, those obligations can further complicate the lives of survivors: Federal estate taxes may be due and state inheritance taxes could also come into play.
If you pass away without a will, state law generally decides who gets your assets and, if you have children, who will care for them.