No matter what stage of your life you are in, it is important to establish an estate plan. Whether you are 18 or 88 years old, planning for the future can make life for yourself, as well as your family and friends, a lot easier should unexpected events arise.
...By Attorney Jaclyn Kallie and Attorney Erin Strohbehn
The death of a family member can be a difficult, highly emotional time. An estate that is contested can make this an even more stressful situation—and one that requires a good probate litigation lawyer.
...All parents hope that their children will be safe and happy throughout their lifetime. This concern can be a serious stressor for parents of special needs children. While some individuals with special needs can live a fully functioning life, many struggle to do everyday things without the help of another adult. Parents may fear that their child will not have a form of income to sustain themselves, and they may want to take steps to ensure that their child is provided for.
One of the best ways to create peace of mind is by forming a special needs trust. This type of trust holds and protects financial assets for the benefit of a disabled beneficiary. Many of these trusts receive assets from a legal settlement that involves the special needs child, while others are created through an estate plan. This allows parents to provide the child with assets that can be used during or after the parents’ lifetime, as well as life insurance proceeds after their death.
...Estate planning is critical for everyone. Without a will in place, you will have no say about where your assets will go when you die. Two other areas of estate planning law that are often forgotten about but can be just as important are guardianship and power of attorney.
...If you are at the stage of your life in which you are considering how your estate will be passed on to your loved ones, one option to consider is a living trust. A living trust can accomplish many of the same objectives as a will, and it has several key benefits that wills do not have.
What Is a Living Trust?
A trust is a written document that names someone in charge to manage property for the benefit of others. A trust is classified as “living” when it is created by the property owner when he or she is alive. A living trust is also known as a revocable trust or a living revocable trust.
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