The sandwich generation—adults caring for both aging parents and dependent children—must juggle emotional, financial and legal responsibilities all at once.
Though ‘estate planning’ may bring to mind visions of rich families squabbling over the ancestral silver, it isn’t just for the wealthy or older people, financial planners say.
Estate planning is crucial and beneficial in many ways since it documents all your assets—from real estate, bank accounts, investments and business interests to personal items, like family heirlooms and even your monthly subscriptions.
Young adults need essential legal documents like a healthcare proxy and living will to ensure their wishes are respected and their interests protected.
As life is unpredictable, it is better to start planning sooner rather than later. In fact, upon attaining the legal age of majority in your state of residence (typically at age 18), you should begin considering some form of an estate plan.
Families and their loved ones with dementia need to start advance care planning after receiving a diagnosis of dementia. Medical experts and attorneys can help your loved one to be involved in their care planning.
One reason for having a will is to make sure your wishes are carried out. If you die “intestate” (without a will), your assets will be distributed by state law, not by your desires.
Although there is considerable legal information and misinformation, it is generally understood that a last will and testament is the device used to distribute property after death. However, the why, how and when are less familiar.