Life is full of amazing adventures and rewarding relationships, but the one certainty is it will come to an end. This eventuality makes it difficult to think about what to do with the collections of a well-lived life, but estate planning is often best done early in life and updated often.
An executor can make sure last wishes are fulfilled
Conservatorship keeps care going into adulthood
Life is never what you expect when someone you love has a developmental disorder. Cerebral palsy, Down syndrome and other conditions that could cause intellectual disability make many of the challenges of adult life meaningless. When it comes to care or finances, these people may rely on others for their entire lives.
Trust taxation varies heavily by state
After a lifetime of hard work and tough choices, you would want to be able to choose who benefits from your fortunes. A surviving spouse or children may be at the top of your mind, while you may also want to contribute to charitable organizations or important cultural institutions.
Some assets can avoid probate court
Children find out that a will says something other than what they expected. Taxes or liens take a big bite out of the value of the estate. These are only some of the disadvantages of lacking a clear estate plan, which may send all the possible beneficiaries to probate court.
Understanding survivorship language in an estate plan
Estate planning should be an essential part of getting older. However, there are numerous issues that come up with this process. Often, people make mistakes with writing a will, and one of the biggest involves using the wrong type of language.
