When a loved one passes away, you may feel thrust into a world of the unknown. Someone who may have acted as a pillar in your life is now gone, and if he or she trusted you to act as executor of the estate, you could now face many tasks that you may not feel 100 percent comfortable handling. However, because you have a sense of duty, you want to do your best to ensure that the probate process goes smoothly.
It's a sad fact that as people age, they tend to become more vulnerable to those who don't have their best interests in mind. That vulnerability increases if any mental incapacity exists due to health conditions, such as dementia or Alzheimer's.
If you are like many parents, you are particular about the people you choose to care for your children. It may have been months before you left your newborn for a night out with your spouse. You reluctantly allowed your own parents to babysit and spent months, maybe years, investigating daycare providers.
California readers know the new GOP-sponsored tax bill changes many things for many Americans. From spousal support to estate plans, you would be wise to carefully review how this bill could impact you and how you can protect yourself from any negative impact. For you, this may mean taking your current estate plan into careful consideration.
When your loved one approached you about serving as the executor of his or her estate, you may have felt honored and quickly agreed. Even though you know that everyone dies, for some reason, you never really thought you would need to serve in this capacity.
One of the most difficult things for an adult to do is to watch a parent decline in health and mental awareness. The once vibrant loved one who may have been the heart and soul of family gatherings is now struggling to manage the most basic tasks of the day.
When your loved one first approached you about acting as executor of his or her estate, you may not have fully understood what that meant. The person may then have told you that it would involve handling his or her final affairs after death, and because you likely knew that this position held importance to your loved you, you agreed to take on the role. After all, you probably would not have to worry about this duty for some time.
Many situations could necessitate the establishment of guardianship of a minor child. In most cases, a minor has one or two parents to ensure his or her care and make many important decisions regarding education, health care and more. However, in the event that a child does not have a parent present in his or her life or lacks a person to make legal decisions, it may be necessary to explore the benefits of establishing a guardianship.
If you have created a will, you are to be commended. After all, such a small number of people take the time to make any kind of plan that many families face the confusion of probate without knowing what their loved ones wanted for their estates.
Estate planning is a beneficial step for every family, regardless of income level or assets. For some California families, drafting a basic will is enough, while others will need more advanced measures to fully protect their interests. In order to understand the best way to custom-tailor your estate plan, you would be wise to fully consider both your current situation and your long-term needs.