The Probate Process
The Probate Process
Not all estate planning involves the distribution of assets after death; creating a plan to protect a minor child’s personal and financial well being in the event of a parent’s death or mental incapacitation, or a plan to follow when an adult becomes incapacitated and unable to make important healthcare and financial decisions, comprise estate planning, too.
While the basics of estate planning have remained the same for centuries, three key elements emerging in the 21st century that make estate planning a growing necessity. Those who already have a will and planned asset distribution may need to revamp their last will or revocable trust to include three concerns they may have previously overlooked: aging parents, pets, and digital assets.
Estate planning helps ensure that your loved ones understand your wishes and that they are cared for following your death. Benjamin Franklin once said that by failing to prepare, you are preparing to fail. That could not be more true when it comes to estate planning. Statistics show that nearly 70 percent of Americans don’t create an estate plan. Without a plan, your assets can be awarded to people whom you did not choose, or go to the Internal Revenue Service.
Traditional wills guide the proper transfer of assets to beneficiaries after death. The creator of the will, called a testator, writes a will to document how the estate—the accumulated property and possessions—are to be distributed to beneficiaries. An executor, also called a Personal Representative oversees that the directions of the will are carried out.
Understanding How a Will is Created
Family members face a number of decisions When a Social Security Beneficiary Dies. While many individuals think they are prepared for the death of a loved one, there are still issues that arise, and dealing with the Social Security Administration is certainly one of them. In addition to making final arrangements for the loved one, notifying the Social Security Administration (SSA) as soon as possible is crucial to avoid issues in the future.
Contacting Social Security
When you reach the end of your life, you may not be able to adequately make decisions, or express your wishes. This is often due to restricted mental capacity, often caused by illness. Your family, doctors, and other medical professionals need to know what your wants are so that they can be followed. In order to plan for this, health care directives, living wills and do-not-resuscitate orders are three things that you want to have in place.
Over the past century, the average life expectancy has increased 30 years. Due to advanced technology in medicine and vaccinations, healthier life styles, and numerous other factors, the older population is continuously growing. The question is, how does one live years beyond the average life expectancy of our time and live to be 100 years or older, as a healthy centenarian? To find out the secrets of a healthy centenarian, one must go beyond simply comparing the lifestyle and habits of centenarians to the average person, who lives to be about 80 years old.