Holiday season is often a time when out-of-town children visit their parents for the first time in a while and notice that one of their parents has declined since they last saw them.
Even those with thorough estate plans might have neglected to discuss details with potential heirs.
The first vaccines to fight COVID-19 have been authorized for emergency use by the federal government — a move that could slow the spread of coronavirus and help bring an end to the pandemic — and other candidates are not that far behind them in the process.
Done right by a lawyer, your heirs can avoid the expense and time of probating your will and may save on estate taxes, while easing the administration of your affairs while alive and after you have gone.
If you pass away without a will, a state court generally decides who gets your assets and, if you have children, who will care for them.
The COVID-19 pandemic has made 2020 a nightmare for many people, and inadequate estate planning can exacerbate the pain.
No matter what line of work you are in, estate planning has facets that apply to everyone, and it comes down to documenting wishes and avoiding probate and unnecessary taxes. Too many people put it off, but, in general, the sooner you do it, the better.
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