About 1.5 million Americans become widows and widowers in a normal year, but the pandemic has boosted that significantly. The National Center for Family and Marriage Research at Bowling Green State University estimates that about 380,000 of more than 700,000 people in the U.S. who have died from Covid were married.
Major changes in your life—such as marriage, having a baby, moving out of state, or divorce—should prompt a revisit to your current will. It is important to revise your will at these times, in order to ensure that your estate planning is up to date.
Inherited assets come with benefits, along with some burdens
No one relishes the thought of the day they pass away and leave all their worldly possessions behind. However, it’s a certainty that no one can avoid. Thankfully, you have options for planning for what happens to your estate, including a will or a family trust.
Individuals buying a home, adopting a child, completing estate planning documents, such as wills and advanced health care directives, or completing any number of legal procedures may find themselves in need of a notary.
Your house might be your single most valuable financial asset. So you want to make sure you can give it to those you love when you die, without giving up the farm. That can be tricky.
A pot trust is a type of trust that lists children as beneficiaries, with the trustee using his or her discretion as to how trust assets should be spent. If you have minor children, you might consider setting up a pot trust to meet their financial needs, if something should happen to you. This type of trust allows you to create a single pool of assets to be used for the benefit of multiple children.
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Estate planning is a crucial part of any holistic financial plan, and financial advisors often work with estate planning attorneys for guidance in this area.
Your DIY estate plan might miss important details.
