Downs Law Firm, P.C.
Seventy-seven percent of respondents in a recent survey said estate and legacy strategies were important for everyone, not just wealthy individuals, yet only 24% said they had taken the basic step of designating beneficiaries for all of their accounts.
I admit that this question stumped me. It was not so much because of what you are asking, but rather why you are asking it in the first place. I’ve tried to come up with a scenario why someone would want to change their will temporarily, but I have come up blank.
We are programmed to contribute the “max” to our retirement accounts, but we disregard, or do not understand, the pitfalls of improperly filled-out beneficiary forms.
I have appointed my oldest son as agent using a durable power of attorney form I got on the Internet. I want to be sure he understands his responsibilities if he has to manage my money and pay my bills when I become ill.
The best way to ensure that friends and family know your wishes is to email a copy of your living will and health care power of attorney to your decision-makers and use that delivery to tell them how you feel about end of life decisions.
Unfortunately, credit card debts do not disappear when you die. Your estate, which includes everything you own–your car, home, bank accounts, investments, to name a few–settles your debts using these assets.
In my parents’ trust, they leave each other their share upon death, and then I become trustee when my last parent dies. I’m really concerned about this whole deal.
When a loved one dies leaving property, debts and a mortgage, and if he did not have a living trust, probate is required to sort everything out.
I have a sister, who I have not seen or heard from in 40 years, when she said she hated all of us and never wanted anything to do with us again. She even gave up her 5-year-old son for strangers to adopt and would not let my parents adopt him.
Parents are often more than happy to offer financial advice to their children. They like to feel needed and want to make sure their children are on solid financial ground. However, it’s important to turn the tables and ask about their financial plans, too.
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