Frequently Asked Questions about Estate Planning
What Possible Things Should Someone Look For In Their Current Estate Plan That Might Need Some Addressing Specifically?
If a family member becomes ill, then some of the things that people should be looking for particularly when doing planning for retirement is, number one, addressing the issue of mental incapacity. That is required, because if you do become mentally incapacitated during your life time and are unable to handle your financial affairs, you have the systems in place so that the people that you want are able to take over and manage your assets and provide for you and your family without outsiders like courts and guardians becoming involved.
The same goes for healthcare. It is important to have documents in place as you get older that tell your family members your wishes regarding end of life desires. You also have to appoint people who have legal authority to make medical decisions for you if you are unable to make them yourselves. It is important to have documents in place that authorize healthcare systems and healthcare providers to release what is otherwise your protected medical information to those people you have named to make decisions for you.
Would Someone Have To Look At Their Creditors When It Comes To Estate Planning?
People take on different debts with time. They may start it as early as twenty years. It does make sense to look at where you are in terms of debts in life. You need to look at what you need to protect and what you no longer need to protect. That is just part of the ongoing exercise of recognizing that as time goes on, nothing is going to stay the same. As changes occur in your life, your family, your financial circumstances, then estate planning generally needs to be updated to best protect you for what your current circumstances are.
What Is Disability Planning? Do Most People Already Have Discovered In Their Current Estate Plan From When They Were Younger?
Disability planning generally reflects two things. First of all, disability planning reflects financial circumstances so that if a person no longer has the mental capacity to handle their finances and care for themselves, they have the systems and the people in place who have the legal authority to take it over for them. These are the people that they want. Disability planning also goes to things related to healthcare, including who has legal authority to make healthcare decisions for a person. It also goes to the possibility of not being able to live alone and to having resources in place to bring health into the house.
Similarly, in the event a person eventually has to go to a nursing home, they need planning that provides for the resources to be there in order to pay the expenses of a nursing home.
Do Most People Have These Things Covered In Their Estate Plan?
First of all, the fact of the matter is that sixty to seventy percent of people who die in America every year do so without even having a simple will in place. The majority of the people have not covered any of this; for those who have made an attempt, some have covered it very poorly, others who have done so have a more comprehensive planning place and have done a much better job with it.
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