There might come a time when Mom and Dad, or maybe your best friend, just can't care for themselves and you need to take care of them. Legally, that is.
Dealing with the death of a loved one can be an extremely difficult process. It is important that you allow yourself the time to grieve before undertaking the often-hefty task of administrating the estate. You may also want to ask friends and family to help you with the process.
Mental health issues such as depression, anxiety and bipolar disorder can have a profound effect on the way people make decisions. While mild depression and anxiety can affect many of us, severe mental illness can mean that people are classed as mentally incompetent for the purposes of making legally recognized decisions.
In order for a person to be able to make a valid will, they must be of sound mental capacity. This is because if someone does not have the mental clarity to make an informed decision, they could make a will that does not reflect their true wishes. In addition, when a person is suffering from a mental illness or a mental incapacity, it can make them vulnerable to people who wish to exert undue influence for their own personal gain.
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.