For parents, there's nothing more important in an estate plan than choosing a guardian for their minor children.
You already know that getting your will together is really important in order to protect your family's future -- but it's also important not to rush yourself through the process once you've begun. If you rush, you're far too apt to make some serious mistakes.
Part of being a grown-up is attending to a lot of unpleasant -- but necessary -- tasks. That includes getting your estate plans ready and making a will, designating your executor and heirs, establishing powers of attorney for medical care and finances and maybe even thinking about setting up a trust.
What prompts one family member to dispute another's last will and testament?
Two terms that are important to estate planning are "per stirpes" and "per capita." Both refer to the way that assets can be divided among a deceased person's heirs.
Have you really thought about the people you have chosen to act on your behalf in your estate plans?
When considering how you will pass your assets on to your family, you need to use far more than precatory language. Essentially, precatory language is the act of verbally promising someone that he or she will get something. It may be specific or more general. Either way, it does not replace a will.
An inheritance tax is a tool that governments sometimes use to tax assets that people get as part of an inheritance. As you can imagine, this tax can have a big impact when leaving a significant estate to your heirs.
Estate planning may start with assets and inheritances, but do not assume that's all you need. You also want to plan for your health care needs in the future.
It's important to pick the best possible person to be your estate executor. Many people pick heirs. However, you also want to pick the right heir. It's not necessarily an easy process, and not everyone is cut out for it.