Downs Law Firm, P.C.
When you open a financial account, you’re often asked to name a beneficiary. Simply stated, a beneficiary is someone who is entitled to the benefits of the account on the death of the account holder. For example, if you’ve purchased life insurance, you name a beneficiary who receives the benefits of the policy when you pass away.
The heirs to Henry Ford II – the eldest grandson of legendary Henry Ford – filed a legal challenge against their late patriarch’s attorney, Frank Chopin, who is now the champion of Ford’s widow, Kathleen DuRoss Ford, 80.
Many people are taking this time at home during the COVID-19 crisis to update their estate plan. Here are six critical estate plan components you should focus on in light of the current pandemic.
The COVID-19 crisis isn’t just costing Americans their freedom and jobs; it’s also forcing millions to contemplate their own mortality.
It’s never too early to start estate planning. If you already have a family, getting your personal affairs in order is a must. The sooner you start planning, the more prepared you will be for life’s unexpected twists and turns.
The best way to take precautions and ensure your pet will be well cared for is by doing some estate planning.
Estate planning is a systematic process, which involves getting your personal and financial goals for the time you pass away or become mentally incapacitated. It is also known as a last will, and almost everyone does this planning for their family.
In some states, those who are appointed ‘conservator of the estate’ are those who make financial decisions. Those who are appointed ‘conservator of the person’ handle the same issues as a ‘guardian.’
If someone has lost capacity to execute legal documents and has no power of attorney in place or has a power of attorney that is no longer usable (for example, if the named agents are deceased), a guardianship proceeding may be the only recourse.
As our children with disabilities grow older, and we ourselves grow older, the future can seem daunting. The future can be overwhelming.
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