You worked hard all your life and amassed a significant fortune to pass on to your heirs. It would be tragic if one of your heirs, funded by an inheritance, led a dissolute life and headed to an early grave.
One of the best ways to plan for the care of your pet after you've died is by setting up a pet trust. Your pet trust will set aside funds to care for your animal and identify an individual who will serve as your animal's caretaker. Creating a pet trust is not entirely straightforward, however, so it's best when estate planners seek professional assistance when setting up this important legal document.
Of all the pre-planning that expectant moms do for their impending arrivals, one thing that's seldom on their to-do list is to see an estate planning attorney before they give birth. Legal analysts suggest that they maybe should schedule a visit with one, though.
A key part of estate planning is deciding who will be your child's guardian if you pass away while that child is still a minor. Your peace of mind hinges on the knowledge that they'll be taken care of.
As part of your estate planning, you may want to set up an advance directive. It works along with the rest of your plan to make sure that you get the medical care you need as the end of your life approaches.
It seems fairly clear to you that you're going to need a will eventually. It's inevitable. The same is true for everyone you know.
Parents often neglect to talk about estate planning with their grown-up children, feeling that such a conversation will just make everyone uncomfortable. However, this can lead to a lot of issues down the line because children may have unrealistic expectations or there may be confusion about what a parent really wanted. Estate disputes can erupt.
Wills have many potential benefits. For one, they can provide individuals with significant control over what will happen upon their death. However, such benefits can only be realized if a will is enforceable.
"What Happens to Me When I Die?"
By Bruce Alan Danford, LLM (rev'd 9/26/11)