Individuals who will soon be ending their working lives have much to consider. An important aspect of making the transition from working to retiring is giving serious attention to the details involved with an estate. A trusted Baltimore MD retirement income planning professional could offer an array of estate planning tips to residents.
A will is one of the first details that an individual might implement, when organizing assets. The person who is establishing a will must think about the people who should be named in the document. If multiple children and grandchildren are going to inherit an estate, an estate planner can aid an individual in determining which assets should go to certain people. If a person wants people other than family members to receive various assets, it is important to state that clearly in the document.
Many individuals opt to give some assets away while they are still living. A person might want to transfer the ownership of a property to a family member. An individual could also give a large sum of money to a close friend.
A term called power of attorney is used when a trusted individual is given the responsibility of making financial decisions for a person. Power of attorney is usually given when someone who owns assets becomes ill or impaired, and can no longer make financial decisions. An individual who is given this role should be clearly named in a document.
A person may wish to establish a living will. A living will states the level of medical intervention that is desired, if life support or other related procedures become necessary to keep someone alive. An individual needs to be clear about whether life support is to be used if death is imminent.
Many details must be organized, when a person is close to the age when most individuals stop working. Estate planning should be a priority for such an individual. A trusted professional could be of much help in dealing with such matters.
A will is one of the first details that an individual might implement, when organizing assets. The person who is establishing a will must think about the people who should be named in the document. If multiple children and grandchildren are going to inherit an estate, an estate planner can aid an individual in determining which assets should go to certain people. If a person wants people other than family members to receive various assets, it is important to state that clearly in the document.
Many individuals opt to give some assets away while they are still living. A person might want to transfer the ownership of a property to a family member. An individual could also give a large sum of money to a close friend.
A term called power of attorney is used when a trusted individual is given the responsibility of making financial decisions for a person. Power of attorney is usually given when someone who owns assets becomes ill or impaired, and can no longer make financial decisions. An individual who is given this role should be clearly named in a document.
A person may wish to establish a living will. A living will states the level of medical intervention that is desired, if life support or other related procedures become necessary to keep someone alive. An individual needs to be clear about whether life support is to be used if death is imminent.
Many details must be organized, when a person is close to the age when most individuals stop working. Estate planning should be a priority for such an individual. A trusted professional could be of much help in dealing with such matters.
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