While estate planning is such a crucial topic of financial management, it often takes a back seat in people’s priorities. There are several reasons why people may procrastinate writing a will, assigning powers of attorney or choosing healthcare proxies. Exploring...
Estate Planning
Why the next-of-kin law doesn’t replace health care planning
This year, California enacted what’s known as a “next-of-kin” law. It allows hospitals and other medical facilities to designate a person (known as a surrogate) with whom they can discuss a patient’s condition if that patient can’t speak for themselves. That...
You should never use a DIY estate planning website
Attempting to save a little money and handle your estate planning on your own may seem like a good idea, but it is not a wise move. There’s much more to estate planning than DIY websites allow for, and you could make serious mistakes that will leave your family with a...
Should I include a letter of intent in my estate plan?
Estate planning is a crucial aspect of financial management, and it involves making important decisions about how your assets will be managed and distributed in the event of your passing. Letters of intent are an often overlooked but valuable component of estate...
Estate planning when you have an adult child with disabilities
One of the most common anxieties of parents with minor or adult developmentally disabled children is the uncertainty of what will happen to them once the parents pass away. It’s not an enjoyable topic to contemplate, but unfortunately, it is necessary. The good news...
How to talk to your aging parents about their end-of-life plans
As your parents age, it becomes increasingly important to have open and honest conversations about their end-of-life plans. These discussions can be emotionally challenging, but they are essential for helping ensure that your aging parents’ wishes are respected and...
Writing your obituary can help you with your estate planning
If you find the prospect of developing your estate plan depressing, the thought of writing your own obituary may sound particularly morbid. However, this has become an increasingly common exercise for people of all ages. Therapists and writing teachers use it. It can...
3 reasons you might need to revoke your power of attorney
A power of attorney is one of the most important estate planning tools you can set up. Basically, a power of attorney authorizes another person or entity to make financial and healthcare decisions on your behalf in the event of incapacitation. Sometimes, however, the...
Are no-contest clauses really effective in deterring will contests?
Setting aside time and resources to create a will is one of the most important steps you can ever take. This is supposed to be the last word regarding how you would wish to have your property distributed when you die. But will contests are not uncommon. If you are...
How might you be setting your will up for problems?
If you make a will you will be well ahead of many people. Yet, if you make it badly will, your advantage won’t be so clear. Here are some typical mistakes that people make that jeopardize the chance of their assets being distributed in the way they wish: Duplicate...