Pop culture presents estate planning as a singular event where you sign the dotted line in a will and move on with your life. Then after you die, as daytime soap operas portray, there is dramatic reading of your last will and testament by your attorney that results in family drama. This makes for great television, but a terrible real-life experience.
The main goal of an estate plan is to take care of your family and loved ones, and to give you assurance of this. The more thorough your estate plan is, the fewer instances there will be of wondering “do I have this covered?”
Our team at Family Estate Law Planning Group helps families consider the details, even the ones which may not be obvious. If you’ve followed our blog, you may have noticed some of those aspects of estate planning, like outlining end-of-life or life-extending care wishes. Something else that you should include in your estate plan is a set of funeral instructions.
Whether you’re retired or simply planning ahead for the day you no longer have to work, one investment that’s worth looking into is a second or vacation home. After a lifetime of working, it’s worth having a getaway that you and your family can enjoy. Plus, it also serves as something you can pass down to the rest of your family after you’re gone.
Adding a second home can double as a good property investment in a desirable or up-and-coming area. Give these attractive locales consideration if you’re thinking about adding a getaway house to your assets:
In 2007, the movie The Bucket List was a big hit, tapping into the universal feeling of getting the most out of life, even if you think you’re too old to do all the things you’ve dreamed of doing. And while the movie itself may have faded somewhat from public consciousness, the idea of writing down all the things you’ve never gotten around to experiencing and then setting your mind to doing so is a powerful one that has stuck with many of us.
If you’re going to be a first-time parent or you already have kids, we know you’re ready to take on the world to protect your child(ren). Yet, many parents forget that estate planning is a critical element in caring for your child, and that your estate plan must be regularly updated to account for additional children, newly acquired assets or changes in family dynamics. The Motely Fool lists some estate planning steps to take in their article, “If You’re a New Parent, Take These 4 Estate Planning Steps”, so you can rest easy knowing your children are protected even if you’re unable to be there for them.
- Get Life Insurance – Life insurance is a fantastic financial tool you can use to ensure that your partner and child will be taken care of financially if you die. Buying life insurance provides funds that your partner will be able to use to support themselves and your child now that they are a one income home. In the tragic event that both you and your partner die, if your estate is properly planned, the funds can be used to raise your child and perhaps help fund their education.
Mompreneurs are a force to be reckoned with. These moms are balancing the work of being stay at home moms while also pursuing an entrepreneurial venture. The call to be a mompreneur stems from a desire for flexibility, the ability to be home and according to one candle making mompreneur quoted in an article from USA Today, “to show [our] children what it looks like to be a mom who also can support the family, sustain a business and create something that then sustains all of us.”
Isabelle shares why working with friendly institutions is better for our clients.
Peace of mind is something that we’re always trying to achieve in our daily lives. We want to feel good about the choices that we’ve made, the interactions that we’ve had, and that we’ve told everyone we need to that we love them because we can’t predict what’s going to happen on any given day. Ultimately, it’s this inability to predict the future that unsettles us. The best way to have peace of mind about the unpredictable future is to have an estate plan that you can rely on.
In today’s world, everything is about customization you can subscribe to. There has been an upward trend in brands offering customized subscription services to improve your life. From skincare offerings like Curology, customized hair care from Function of Beauty, clothing and personal stylists through Stitch Fix, daily vitamins from Persona Nutrition, auto-ship through Prime Pantry, movies and TV show suggestions from Netflix, the list goes on and on. Being able to customize your experience or order, give feedback, and subscribe so you have one less thing on your to-do list, is what makes these services so popular. Our world has become so personalized that people joke about how long it takes to order a Starbucks drink and complain about Google ads that follow them around or appear after they’ve talked with someone about a product.
For those of us old enough to remember the science fiction of the 20th century, the year 2020 still sounds like a futuristic concept. But we’re living in it now and that means some parts of life that wouldn’t make a lick of sense to our disco, hair metal or boy band-loving younger selves are real factors that affect our day-to-day lives.
One of those futuristic concepts is our digital presence online. Between platforms like Facebook, Twitter and Instagram, digital communities like Reddit, Amazon accounts, cloud storage, email providers, and many other forms of internet accounts, many people have large online footprints that aren’t easily accessed or administrated by another should they die.
Your digital assets are important to consider in end-of-life and estate planning. Some aspects are important for family members to access because of legal or financial duties when settling an estate, such as bank accounts, credit cards, utility bills. Others are about the sort of things a family member posted or shared through social media and in online communities before they died. Perhaps a surviving family member wants to collect some of the photos their loved one posted on Facebook or Instagram or videos they shared on YouTube. Or maybe a family member would like to remove private or sensitive content that was shared publicly before death.