While most people wait until they are older or retired to create a will, they should really do it a lot sooner. In an article published by the American Association of Retired Persons, nearly six out of 10 U.S. adults lack a will.
Nobody wants to think about aging and losing their health, but it is far better to plan for such circumstances than it is to neglect their eventual probability. According to the Family Caregiver Alliance, there is a 68 percent likelihood that adults age 65 and older will become mentally impaired or disabled in two or more daily tasks. You can mitigate the consequences of such events by effectively preparing in the following ways.
Effective estate planning can take a lot of care and thought. The last thing anyone wants is to have the estate tied up in probate court, with the assets steadily dwindling as they go to fund legal costs.
A living will is a document that describes a person's wishes for healthcare. It comes into effect when the individual cannot make or communicate these decisions on his own. Other advance directives can also help ensure your parents' wishes are complied with.
Are you concerned about receiving your full inheritance? If your parent has a will, it will have to go through probate, which can be costly and time consuming. Do you wish you would not have to worry about securing your inheritance directly? Thankfully, there are some ways to completely or partially avoid probate.