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To draft an estate plan, a person must have testamentary capacity. This is the mental capacity to understand the estate planning process, to fully grasp the decisions that they are making and things of this nature. A person just needs to be cognitively aware of the...
Simply writing a will is often the first step that people take when they decide that it is time to create an estate plan. They use their will to divide their assets among their beneficiaries, giving them a bit more control over how things are passed on to the next...
The end of a person’s life does not always come quickly. Some people spend days, weeks, months or even years in a poor mental or physical state before they actually die. During that liminal period when someone is incapacitated but still living, bills still have to be...
People typically update their estate plan every three to five years, but a lot can happen in that time. If you’ve recently been through a divorce, you need to make adjustments sooner. While everybody’s situation is unique, here are several areas of concern that may...
Ethical wills and legacy letters help people share their values, memories and wisdom with loved ones after they pass away. While they are not legal instruments, they strengthen an estate plan by offering clarity and emotional support. Many families use them to...
Many spouses who have been married for decades and own all of their assets together believe they only need one joint will. That’s especially true if they have relatively uncomplicated assets and their plan is for whichever spouse outlives the other to inherit...
When most people think of their estate plan, they tend to focus on physical assets such as their homes, bank accounts, vehicles and family heirlooms. But in today’s world, many of your most valuable assets and personal information exist online. From online banking...
It is important to update your estate plan periodically. One time when you may want to do so is after a serious medical diagnosis, like a cancer diagnosis. One way to address your future medical concerns is to use an advance health care directive. This is essentially...
A power of attorney is a legal document that allows you to choose an agent to handle your financial or legal matters on your behalf. It is designed to provide structure and control over how decision-making authority is transferred. The scope and function of a power of...
Advance health care directives provide instructions about medical priorities and can authorize a trustworthy person to make medical decisions on behalf of someone who is too ill or injured to advocate for themselves. Living wills, physician orders and powers of...
