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For example, an estate plan may include a healthcare proxy, durable power of attorney, and living will. After widespread litigation and media coverage surrounding the Terri Schiavo case, estate planning attorneys often advise clients to also create a living will, which is a form of an advance directive. Specific final arrangements, such as ...
When mapping out your estate plan, you may come across the term "residuary estate." In simple terms, a residuary estate is any part of your estate that hasn't been distributed to your heirs ...
Other examples include discretionary death benefits from pension funds, accounts with certain financial institutions subject to a nomination and the proceeds of life insurance policies which have been written into trust. Trust property will also frequently fall outside the estate but will depend on the terms of the trust.
The integration of retirement planning and estate planning forms a robust financial strategy addressing your financial concerns during your lifetime and the legacy for your heirs.
The ownership of a life estate is of limited duration because it ends at the death of a person. Its owner is the life tenant (typically also the 'measuring life') and it carries with it right to enjoy certain benefits of ownership of the property, chiefly income derived from rent or other uses of the property and the right of occupation, during his or her possession.
A digital estate plan is important because it can help your family more easily: Locate and access your online accounts. Determine if your digital property has any financial value that needs to be ...