There's no disputing how important it is for you to keep all your estate planning documents together. By doing this, you will help ensure that the executor of your estate is easily able to find them when you pass away.
Posts tagged "Estate Planning"
The most valuable asset you own is your business. You're very proud of it and you have put decades of your life into it. After you retire, you hope that your children and their children can keep it going for generations to come.
When a person drafts a will, they'll be asked to appoint an executor of their estate to handle their final affairs. This individual, who's also known as a personal representative, is generally made aware of their role beforehand by the person writing the will, or testator, dies. Their responsibilities only kick in once they're notified of that person's passing.
You may have heard that most Americans do not have a will, and perhaps you are one. A common excuse you hear in this situation is quite simple: "I don't have children. Why would I need an estate plan?"
When it comes to estate planning, it's never too early for an adult to draft a will, advanced directive or a durable power of attorney to protect his or her interests. It's not necessary for an individual to be rich, married, own his or her own home, have kids, a really good job or own a business to have these drafted. Everyone can benefit from planning their estate.
When it comes to estate planning, you shouldn't forget to address your retirement plan when getting your affairs in order.
Some reports cite that there may be as many as 5.5 million family-run businesses in the United States. It's estimated that these corporate entities contribute just over $8 trillion to the American economy each year.
While many Americans age 65 and older have wills in place, few take time to have an advance directive, also known as a living will, as well.
A guardianship gives one person the ability to make decisions for another should he or she become either temporarily or permanently disabled. The incapacitated individual that a guardian may be appointed to represent is known as a ward.
If you've built a successful company from the ground up, then there's a strong likelihood that you're looking to do what's necessary for it to remain viable once you've either retired or passed on. Planning for the future of your business is a process known as succession planning.