By: Vidhya Babu
You have an estate plan. In fact you just created one last year. So why would your estate plan need a makeover? Estate plans should never be rigid or concrete. Instead they should be malleable and easily adapted to meet your current situation. After all, an estate plan you created a year ago (or longer) may not reflect your current situation. In the event that something should happen to you, an out-of-date estate plan can cause contention and strife among beneficiaries.
When deciding whether your estate plan needs a makeover, ask yourself the following questions: (more…)
Five Wishes™ is an advance directive template created by the non-profit organization Aging with Dignity. It is an easy to use legal document written in everyday language that helps you communicate how you want to be cared for in case you become seriously ill or incapacitated.
Your Five Wishes document lets your family and doctors know:
- Who you want to make health care decisions for you when you can’t make them yourself.
- The kind of medical treatment you want or don’t want.
- How comfortable you want to be.
- How you want people to treat you.
- What you want your loved ones to know.
By: Vidhya Babu
Estate planning is important. Many of us have assets we want to pass along to our loved ones, easily. Many wish to leave their estate equally to their children. Perhaps they do this to be fair or they believe an equal distribution will circumvent a fight. Assets like financial accounts are easy to divide. But what about the other assets and the “stuff”? (more…)
In the past, the transition to retirement has been viewed solely as an economic event. As a result, the focus of retirement planning has primarily been on building a nest egg.
In The Late-Start Investor, author John Wasik recommends discarding this obsolete view in favor of a “flexible life plan that provides for financial, vocational, physical, emotional, and spiritual needs.” He explains, “Unless you look at your future holistically, merely saving up a pile of money will be a meaningless act.” (more…)
The concept of retirement is undergoing a metamorphosis. Demographic, societal, and workplace trends have all converged to offer a period at midlife and beyond that is much more fluid and flexible than what most of us ever imagined.
When planning for retirement, individuals are discovering that the “old rules” have been thrown out and “no rules” apply. In fact, “retirement” has become a matter of personal definition.
For this reason, the No Rules Retirement model advocates proactive planning throughout adulthood and in all areas of life. Retirement should not be viewed as a single event, but rather as one of the many transitions in a continuum of life experiences. (more…)
In “Do Your Family a Favor: Get Organized,” an informative article available at www.inc.com, the author reminds us that there are many practical issues not addressed by basic estate planning documents.
For example, after you die will your loved ones know whether or not you want a funeral or a memorial service? Will they know whether you want to be honored with flowers or donations to specific charities? Will they know who you want to be notified about your death? Will they know where to locate the original copies of your will or living trust? How about your bank and investment accounts, will your loved ones know where to find your financial records? (more…)