Nowadays, we can ask Google for anything we need. It knows where the nearest gas station is and how to get there. The internet provides us with endless answers and resources.
Many people disburse their funds to their children—or even their grandchildren—in their wills. They might also pass down family heirlooms or other artifacts that they loved in life. However, some wills include very uncommon issues, wishes and directions for their loved ones.
Business owners have countless obligations and responsibilities to which they must attend. Everything from hiring and firing to product development and marketing may go through an owner, not to mention the short- and long-term plans for the business.
Creating a will is intensely personal. You want it to reflect your values and wishes, and you likely want to protect those you love. However, there could be some very difficult decisions you must make to achieve these goals. For instance, what if you want to disinherit someone?
People tend to dismiss the idea of creating an estate plan if they don't have complex assets or divisive family relationships. Often, they assume that the state laws will suffice when it comes to determining what should happen to their property, debts and other end-of-life matters.
Discussing estate plans or end-of-life wishes can be uncomfortable for a lot of people. But there are unfortunate consequences of not having these conversations with loved ones, so it is wise to talk about estate planning with them - especially your adult children.
If you have a will and other estate planning documents in place, you have taken a major step toward protecting your wishes, your assets and your loved ones in the event that you get sick or pass away. Having these documents in place can be incredibly valuable when it comes to making some difficult decisions.
Estate planning can be an easy thing to put off. People get distracted or uncomfortable; they think they don't need to worry about things like wills until they are much older or battling a serious illness.
People often think of estate plans as documents to protect a person's assets. And while it is certainly true that an estate plan typically does address numerous financial details of a person's estate, there are other elements to these plans that are even more important than the distribution of assets.
Creating an estate plan is something that people often put off. End-of-life planning makes some people uncomfortable. Others get busy and do not make time for it. However, waiting to create an estate plan could be a mistake.