If you have ever lost someone close to you, the grief and is something you understand. You would undoubtedly prefer to spare your loved ones from having to go through that same grief following your own death. Unfortunately, there is no way to shield your loved ones from the emotional impact of your passing; however, you can spare them most of the stress and anxiety associated with planning and funding your funeral and burial by planning everything yourself within your estate plan. If you do … [Read more...]
Who Will Handle the Business of Your Estate?
The estate administration process should be addressed when you are devising your estate plan. You have to make sure that you empower someone to handle the business of your estate after you are gone. If you decide to use a last will to direct the distribution of your personally held property, the person who would handle the estate administration tasks is the executor or personal representative. When you draw up the will, you can nominate someone to act as the executor. Of course, you have to … [Read more...]
What Is a Letter of Final Instruction?
Estate planning is going to involve the facilitation of future asset transfers through the execution of a legally binding document such as a will or trust. However, if you want to have a comprehensive estate plan in place that provides a turnkey situation for your loved ones, you should also include a letter of final instruction. Estate Administration There are practical tasks that must be completed after you pass away to bring your final wishes to fruition. If you use a last will to … [Read more...]
Speak With Attorney After Spouse Passes
Estate planning is a long-term process, and this is one of the reasons why you should think in terms of developing an ongoing working relationship with your estate planning attorney from the start. Things change in your life, and invariably these changes are going to call for estate plan updates. Some of the changes are quite positive, such as additions to the family or an improved financial standing. Unfortunately, others are necessary because someone that you love passes away. When you … [Read more...]
Empower Someone to Make Final Arrangements
The matter of final arrangements should be something that you take into consideration when you are devising an estate plan. Multiple decisions must be made, and if you don't state your preferences in writing your family members could ultimately wind up disagreeing about things and a difficult time for them could become even more stressful. It is possible to execute a document called an "authorization for final disposition." With this authorization you can name someone who you would like to … [Read more...]
Family of Shelby Finally Agree on Final Arrangements
Carroll Shelby was one of the all-time greats in the automotive realm, and although he is most famous for the creation of cars like the Shelby Mustang and the AC Cobra, he was also a great race car driver before getting into the field of design. As we reported in a previous post Shelby passed away on May 10 at the age of 89. His surviving family members were subsequently involved in a dispute that was delaying the final arrangements. Shelby was married multiple times and he had children prior … [Read more...]
Children, Wife of Shelby at Odds
The legendary race car driver and automobile designer Carroll Shelby passed away in May and the news reverberated sadly throughout the automotive community. Shelby was larger-than-life and though he left us at the age of 89, his legacy will persist into perpetuity in the form of his automotive masterpieces. Shelby left behind a widow named Cleo, who was his seventh wife. Cleo feels as though she is in possession of valid advance directives that give her the right to dispose of her late … [Read more...]
529 Educational Savings Plans
Most people who have achieved a modicum of success are well aware of the value of education. When you are considering the broader implications of your legacy making educational opportunities available to your family members may be very important to you. Leaving behind inheritances is one thing, but paving the way for individual achievement may be a far greater gift. If you agree with the above you may want to consider contributing into a 529 educational savings plan. These are state plans … [Read more...]
Addressing Details Can Keep Peace Among Family Members
Everyone would like to see their family members all getting along well 100% of the time, but unfortunately few if any families are totally resonant with one another at all times. It can take some effort to create a harmonious dynamic, and this is something to keep in mind when you are making preparations for the latter portion of your life and eventual death. First of all, keeping decisions out of the hands of your family members can go a long way toward squashing any possible disagreements. … [Read more...]
Final Arrangements: Assert Your Wishes
After someone that you love passes away funeral arrangements are going to have to be made. Now it is possible for an individual to state his or her own funeral preferences within the estate plan that is left behind and this is recommended. However, as we all know people sometimes overlook this detail. This is a somewhat delicate subject that a lot of people are going to try to avoid, but it must be brought into the light of day. Imagine yourself sitting in a funeral home being presented with … [Read more...]
