Incapacity can occur because of illness or an accident. It can be temporary or permanent. That’s why every adult needs a power of attorney in place, once they turn eighteen.
“Gray divorce” — the unfortunately named term for divorce after age 50 — is increasing among baby boomers.
The first step in getting your affairs in order is to gather up all your important personal, financial and legal information, so you can arrange it in a format that will benefit you now and your loved ones later.
It’s an important task that is easy to procrastinate. However, here is why you shouldn’t:
Dealing with a sick family member is a challenging and emotional time.
Estate Planning may not be something you necessarily WANT to think about, but it could protect your interests and wishes long after you are gone.
Estate planning is a key piece of a comprehensive retirement plan.
Your elderly mother is getting forgetful and confused. What do you do now?
As a legal adult after attaining the age of 18, your child should have in place several legal documents that will allow you to provide support and obtain information, if something unexpected happens to your child.
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.