These vacation homes may also comprise a significant portion of the family’s wealth. Therefore, it’s understandable that homeowners want to pass their properties and family traditions to future generations.
Given their salaries and the chances of getting sued, physicians should strongly consider estate planning early in their careers.
A will allows you to distribute your worldly goods, select a guardian for minor children and name an executor to carry out your wishes.
Non-probate assets are those assets which do not go into an estate when the owner dies.
Both help you pass down assets, while avoiding the time and expense of probate. However, one has much more flexibility than the other.
If you’ve ever spent time working through your estate plan, you know how important it is to select and update your beneficiaries.
Would your loved ones have necessary access to your bank accounts after you die to help carry out your last wishes and handle arrangements?
If your life changes, so should your estate plan. Marriage, divorce, death of a spouse, a birth and a changing relationship with a child are just some of the life changes that may affect your estate plan.
Whatever the reason, whether your life is a bed of roses or a getting-worse-nightmare, there are things you can do now to insure what you leave will go to who you want. And when. And in what portion or portions.
With a Power of Attorney, you designate which individuals are in control of your assets and who can take care of your affairs, if you are unable to do so.
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