The Omaha region of Nebraska has its share of single parents, each of them dedicated to providing for their children's current and future needs. A great method of accomplishing this goal is estate planning. However, estate planning for single parents may look a bit different than it does in households with two parents.
All adults, no matter their means or age, should draft a basic estate plan. But that doesn't mean that the simple will that you signed at age 25 will serve you and your heirs in good stead two decades later.
When you set up your estate plan to deal with future medical decisions, you have a few options. The two main ones are a living will and a power of attorney. You need to know the differences to find out which one is right for you.
You set up a trust for your children, who are minors. If you pass away, your financial assets get passed on through the trust. You don't want to leave money directly to your 12-year-old child, after all. The trust holds it until the kids become adults.
It's easy to feel like estate planning is something that you do by yourself, for yourself. That can be true in some situations. However, other people are impacted by this plan. Therefore, it may be a good idea to talk with them throughout this process.
By 2020, it is expected that about 157 million Americans will have been diagnosed with a chronic illness. If you're one of them, you should have an estate plan that reflects that reality.
Famed Omaha, Nebraska, businessman Warren Buffett announced he will donate $3.6 billion worth of shares in his Berkshire Hathaway company to five foundations as part of his estate plan.
To most people, estate planning is one of the most confusing endeavors to undertake. Often, it is difficult to even begin such a task, but many agree that putting an estate plan in place is important. The good news is that working with a lawyer simplifies this process for most Omaha residents. Another benefit of attorney assistance is avoiding the mistakes that many people make when they attempt estate planning alone.
Creating an estate plan and letting it sit dormant for the rest of your life is not the best idea. When you finalize and sign your estate plan you cannot just put it away and never look at it again. In fact, there are certain milestones in life that should remind you to review your estate plan and make any appropriate changes to reflect where you are in life right now.
Some might solely associate estate planning with wills and other documents setting out what will happen when one dies. While this is a key role of an estate plan, it is far from the only important purpose it can serve.