Unfortunately, a startling 79% of millennials admit they never created basic estate plans in place. While your needs and goals may vary, nevertheless, estate plans offer important protection for every adult – including you!
Author Archives: Skvarna Law
Part 3 of a 3-Part Series Over the past couple of weeks, we examined important things to consider after losing someone to death. To read part one, click here. To read part two, click here. This week, we conclude the series by focusing on paperwork. Cancel benefits Family member recipients of Social Security, veterans, or other benefits […]
Part 2 of a 3-Part Series Estate Safety Considerations Last week, we began a three series about important factors to consider in estate planning after losing someone you love to death. Click here to read part one. This entry, the second in the series, covers ways to make sure the estate remains safe.
Determine which of your loved one’s accounts contains cash that can be accessed for the beneficiaries’ needs and other expenses. The last thing you want is for an item to be repossessed or the electricity turned off due to non-payment.
Along with your financial advisor, we can help determine which of your resources can be used to fund the special needs trust or if a life insurance policy may be needed to ensure that there are sufficient funds available to provide for the beneficiary’s care.
If your adoption is not yet final, but you love the child you intend to adopt and want to provide for him or her, you need to specifically name the child in your estate planning documents.
Most adoptions involve minor children. Arrange for someone to care for the new child if something happens to you. Appoint a guardian, i.e., a caregiver, in your will. This person will act as your child’s parent if you become disabled or die.
If you are an individual with a high net worth, financial planning often moves beyond retirement planning to laying the foundation for multigenerational wealth transfer or achieving philanthropic objectives.
It is important to contact an experienced probate and trust administration attorney to help you with the process, as well as any other legal matters that may arise during this difficult and emotional time.
Make sure that your family members have proper medical powers of attorney and advance directives in place. These documents contain their wishes about how they would like their medical care to be handled if they are not able to make decisions for themselves.