Estate planning often starts with assessing how you would like the future to look like for your loved ones. When you have a special needs child, this is likely to mean that you will want to make sure that they have access to adequate care and support throughout their lives. As a parent, you may not always be able to care for your special needs child in person, but you can set up your estate to ensure that they are always protected.
In everyone's life, things change over the years. Relationships form and dissolve, and as time goes by, you may realize that the will you made decades ago no longer adequately reflects your wishes. Therefore, you may want to change your will or revoke it completely in order to make a new one.
When a person is suffering from an illness that is expected to lead to further deterioration of his or her health in the future, it is likely that he or she will consider how estate assets as well as health care will be managed in the future. Sometimes, a terminal illness or an illness that affects mental capacity means that people are not able to make informed decisions in regard to their medical treatment. This is why many people in this situation decide to create a health care directive.
Probate is a process that is overseen by the courts after a person passes away. If a person has planned his or her estate in detail during his or her lifetime, the estate may be able to avoid the probate process completely, or the probate process may only be applicable to a small portion of the estate.
Creating wills and trusts are things that everyone comes to think of as they get older. Everyone wants to make sure that the wealth they acquire during their lifetime creates a legacy for future generations. In addition to planning wealth, wills can also serve other purposes, including stating your wishes of what medical treatment you would like to receive in the event of you becoming incapacitated.
If you are approaching the retirement age, or are already thinking well into the future, then this post will surely strike you as important. Whatever your age, it's important to plan for retirement. It will creep up on you quicker than you'd like in Salem, Massachusetts. Plans will change throughout your life as you enjoy different milestones, so be sure to look at the tips outlined in today's post and see how they relate to your life.
When you realize that it's time to put an end to your marriage, you need to get all of your ducks in a row before making a move. Find all of your important documents, figure out your financial situation and consult with your divorce attorney. Once you are ready to file for divorce in Massachusetts, you need to ensure that you do not make any of the money mistakes discussed in today's post.
When creating an estate plan, you'll probably think long and hard about what will happen to your assets upon your death. You may not spend nearly as much time learning more about the ways you can protect yourself while you're alive.
Stepparents are involved in approximately 50 percent of litigated estate disputes. These disputes usually relate to differences in opinion between the stepparent (usually stepmothers) and the stepchildren regarding estate distribution. It's important to consider this fact if you have remarried, if you're a stepparent and if children are involved as it could help you formulate your estate plan in a way that ensures your wishes are adhered to after you've passed.
As you create an estate plan, it's only natural to consider the future well-being of your loved ones. At some point, you may realize that special needs planning is a process you need to tackle.