Some Seniors Getting Estate Plans Completed More Quickly after COVID
Stuck in a senior facility during the pandemic and unable to participate from far away, an elderly woman needed to sell her home but had never drafted her POA.
Stuck in a senior facility during the pandemic and unable to participate from far away, an elderly woman needed to sell her home but had never drafted her POA.
A revocable living trust is a great tool to help your assets pass smoothly to your beneficiaries. It can also significantly reduce the headaches of probate. However, while some assets belong in a trust, others cannot (or should not) go into one.
There are two main kinds of trusts: revocable and irrevocable.
Trusts are often associated with the rich, but the uber-wealthy are not the only people who can benefit from using trusts. There is no minimum asset level or net worth required to set up a trust, and you can put any amount of money into a trust.
Part of being a responsible homeowner is having a proper estate plan in place. After all, considering the home is generally the largest asset most people own, it’s prudent to ensure this asset is passed to the people you wish to leave it to.
Every so often, it’s smart to methodically go through your estate planning documents and see if any tweaks are needed. Here’s a checklist to guide you through that mission.
Many people have signed at least one power of attorney in their life. A power of attorney, which names a trusted family member, friend or advisor as your “attorney-in-fact” to control your assets, is meant to be used, if you are incapacitated.
Copyright © Huizenga Law Firm, P.C. All rights reserved. Some artwork provided under license agreement.