The last thing you want to do as an estate planner is to create your will and estate plan, then file it away and never look at it again. You should review your estate planning papers at least every five years, and preferably on an annual basis. Changes to your family and needs, and changes to state and federal estate laws, can all have an effect on your current estate plan and necessitate some changes.
When a loved one dies without a will, the decisions pertaining to estate distribution will be left up to state intestacy laws to determine. Since most state's intestacy laws track the 1990 Uniform Probate Code, let's start there to determine what a surviving spouse could potentially receive after the death of his or her husband or wife when no will is on file.
Are you and your family considering a trust for your special needs child? There are numerous trust planning options and financial planning solutions available to assist families with special needs kids. The more you learn about this topic, the better off you and your child will be.
If you suffer a serious health event or accident and become incapacitated, the world doesn't stop turning. You'll still have bills to pay and you'll still need to manage your investment accounts. A durable power of attorney is a way for you to make sure that someone -- who you choose and designate -- will have the power to manage your investment accounts and other financial details.