While estate planning is not a topic that most people want to think about, having an estate plan is essential. Without an estate plan in place, your family may not understand your wishes regarding how you want your property distributed or even your medical wishes if you become incapacitated. A thorough estate plan covers not only your wishes for property distribution, but your health care and financial needs in the event you cannot make decisions for yourself.
Living in a community with an active Homeowners Association (HOA) has many benefits, including regulations to ensure the community’s safety and rules for cleanliness to keep the properties looking their best. Depending on the community, an HOA can also provide amenities for members such as tennis counts, playgrounds or pools.
If you have been asked by a loved one to be the executor of their estate you might be wondering what your eventual responsibilities will be. In the most basic sense, you will be responsible for ensuring that property and possessions are distributed according to someone’s will.
Part of estate planning and writing your will is determining how to best protect your interests and desires if you are incapable of doing so. Many people choose to establish an individual with the powers of attorney over their welfare. But who exactly can have power of attorney?
Most people in a planned community hope to have a friendly relationship with their neighbors. Unfortunately, parking in a planned community can be limited and many neighbors may get into disagreements over designated parking spots.
You set up your estate plan years ago, filed it away in your safety deposit box and haven’t thought much about it since. Just knowing it’s there gives you and your family a sense of security in case anything was to happen. However, taking the time to review and update these documents is equally as critical as creating a plan in the first place.
The word “probate” can have a negative stigma attached to it. Many people create estate plans that avoid the process altogether. The reality is that probate is not always bad. Your own situation and wishes should determine whether or not you avoid it. Here is what you should know when you are creating or reviewing your estate plan: