When is it the right time to plan an estate? The question may remind some of the old joke "don't think of an elephant." Obviously, you have to think of an elephant if someone says it. So, if you can ask if you should plan your estate, you probably should.
It's that time of year again: You should review your estate plans to see if they still meet your needs. Estate planning is seldom a "one and done" type of experience. Because life is full of changes and surprises, it's smart to go over your plans every year around this time to make certain that they are complete.
Whether you call it a "health care proxy" or medical power of attorney, taking on the responsibility for someone else's medical treatment can be a daunting task.
You've amassed a few significant assets in your lifetime, but you don't have any direct descendants and no other relatives you care to consider your heirs. So, how do you decide who should be the beneficiary of your estate?
Individuals tend to repeatedly hear that they need to sit down and draft a will as they get older. They're often told that their assets may go to someone other than those they intended unless they document their wishes. Wills aren't just for older people, though. They're for younger individuals too. However, you may need more than a will if you have a child with special needs. You may also need to set up a trust if your son or daughter is reliant upon you and/or government benefits for their care.
One of the biggest things someone can ask you to do is to take on the responsibility of being their medical power of attorney.
When you craft your estate plans, you certainly want your wishes to be followed -- and that means making certain that you don't accidentally invalidate your will.
If the day ever comes when you aren't capable of making decisions for yourself, who do you want to make those decisions for you?
A conservator has a very important legal responsibility in Connecticut. In many ways, there are no more serious obligations, as a conservator agrees to take responsibility for someone who may not even understand what responsibility. Much like parents need to maintain the safety and well-being of their children, conservators often have to do the same with adults who cannot manage their own affairs.
Estate planning can be a big undertaking, but it's an important one. It may seem like an afterthought compared to the stressful buzz of life. However, it can be a wonderful reward for family and other beneficiaries if people take the time and effort to make a plan and check it regularly.