Suppose a disaster strikes, sudden injury or illness affects your family, or a loved one is trapped and alone—in emergency situations like this, a holographic will may be the only option left for many people. A holographic will is one that is entirely handwritten by the person creating it and done without a lawyer involved. These are usually signed by the person who made it, but in some states, they are still legally binding when not signed.
If you have a car, it is imperative that you frequently take it in to get the oil changed and to perform routine maintenance. If you don't do this, your car will eventually break down, and it could leave you stranded in a very difficult position. Along the same lines, your will needs to be updated and maintained on a frequent basis. Just like the car, if your will isn't properly maintained, it will fail you when it needs to be implemented.
Estate planning designates material possessions and other assets to family members and other loved ones. For older people, it represents an opportunity to pass down cherished mementos from one generation to another.
There's no question that many people find the subject of their own mortality rather uncomfortable. Indeed, it's the reason why so many are loath to make doctor's appointments, buy life insurance and, of course, execute the necessary estate planning documents.
Your siblings were fine with your offer to take care of Mom, but would they feel the same if they knew that now she wants to change her will? It seems fair that because you rearranged your life to help her, she should acknowledge that with a financial award. However, you do not want them to accuse you of manipulating her from your position as her caregiver, especially if you fear it will lead to a court battle.
Estate planning in any form presents challenges. Legal complexities combine with emotionally charges issued. Simply stated, few want to face their own mortality.
Imagining what your child's life would be like if you die can be an emotionally traumatic exercise, but it is an essential one. It is this process that can help you determine who you want to name as your child's guardian in your will. Avoiding the issue does not resolve it, because the court will choose someone to raise your child in the event of your death if you have not done so.
Among the priorities of millennials, estate planning may not be at the top of their “to-do lists.” Many are at the twilight of their educational pursuits. Others are at the dawn of their careers. Some start families. Others are looking to buy homes or travel the world.
Many people put off estate planning for years. There always seems to be a good reason to put it off. At first some people think they are too young to have an estate plan or that they do not have enough assets. In later years, time is limited with new jobs, young children and household duties. Before we know it, we are in our 40s and 50s and still lacking an estate plan. At this point our children may be into their adulthood and the need for an estate plan once again seems unnecessary, but is it?
The goal of a comprehensive estate plan should be to properly allocate your assets in such a manner as to allow distribution to your heirs according to your wishes. One component is wealth preservation. This element works to prevent unforeseen or inadvertent tax burdens from eroding a decedent's estate.