According to the Pew Research Center, the divorce rate has more than doubled for people over 50 since the 1990s. According to the AARP’s article entitled “Getting Divorced? It’s Time to Update Your Caregiving Plan.” A divorce can be financially draining. Moreover, later-in-life divorces frequently impact women’s finances more than men’s. That is because in addition … Continue reading Does ‘Gray Divorce’ Fit into Estate Planning?
Category: Divorce
Should I Update My Estate Plan?
An estate plan exists to accomplish three things. Real Daily’s article entitled “4 Good Reasons to Update Your Estate Plan” says that as you age, you should consider updating your estate plan. Why? Well, your feelings may change over time or you may experience a significant life event that requires you to update things. These are events … Continue reading Should I Update My Estate Plan?
Why Is it Important to Have an Estate Plan?
By the time you reach your thirties, it’s likely you’ve accumulated some assets—maybe a home, a car, a savings account and some cryptocurrency. However, if you are like most millennials, even though you know you should have a will, you probably don’t. An article, “5 Reasons Estate Planning Is So Important” from The Baltic Times, reports a staggering … Continue reading Why Is it Important to Have an Estate Plan?
Estate Planning Mistakes to Avoid
One reason to review your estate plan is to make sure people you’ve assigned roles to, like executor or guardian, are still living and willing to perform these tasks, according to the article “Five common estate planning mistakes to avoid” from the Idaho Press. Another is to be sure your estate plan is not missing out on any … Continue reading Estate Planning Mistakes to Avoid
Should Each Child Get Equal Inheritance?
Every estate planning attorney has conversations with their clients about how adult children should inherit. While most people assume siblings should all inherit equally, in many situations, equal is not always appropriate. There are many situations where an equal inheritance might be unfair, says an article, “How Should Your Children Inherit? 4 Scenarios Where ‘Equal’ Is … Continue reading Should Each Child Get Equal Inheritance?
How to Protect Your Loved Ones from Being Disinherited
Even if you’ve updated your wills, power of attorney, trusts and documented your end-of-life wishes, you haven’t finished with your estate plan, says an article, “On the Money: Do not disinherit your loved ones” from the Aiken Standard. Forgetting to update beneficiary designations for retirement plans at work, IRAs, life insurance policies, mutual funds, bank accounts, brokerage accounts, … Continue reading How to Protect Your Loved Ones from Being Disinherited
Things to do at the end of the Year
To end this year, and start the next year with documents, and hopefully finances in shape, you should: Update, or have made, Wills and Living Wills (also called Health Care Directives); if you have gotten married, gotten divorced, had a child, or your child has reached 18, you should have these documents redone or done. … Continue reading Things to do at the end of the Year