People who are nearing the end of their careers must think about a variety of details. An essential aspect of transitioning from a working life to a retired existence is organizing the assets and other details associated with an estate. A qualified Baltimore MD retirement income planning professional might provide plenty of tips to residents who must plan their estates.
When a person is organizing assets, one of the first details to consider is a will. The individual who is making a will needs to think about the family members or friends who might be named in the will. If children or grandchildren are the ones who will inherit assets, an estate planning professional can help an individual in establishing which assets will go to specific people. If people other than family are going to receive certain assets, this should be stated clearly in the will.
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.
Making a living will may prove to be an invaluable strategy. A living will determines the type of medical intervention an individual wants, in regard to medical life support, as well as other methods of sustaining the life of a person. An individual should state clearly whether medical life support is to be used if death becomes imminent, due to of a bad accident or a life-threatening illness.
When a person is nearing the age at which most people stop working, numerous details are worth considering. Estate planning is usually a priority for such individuals. A competent professional can be of much assistance in such matters.
When a person is organizing assets, one of the first details to consider is a will. The individual who is making a will needs to think about the family members or friends who might be named in the will. If children or grandchildren are the ones who will inherit assets, an estate planning professional can help an individual in establishing which assets will go to specific people. If people other than family are going to receive certain assets, this should be stated clearly in the will.
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.
Making a living will may prove to be an invaluable strategy. A living will determines the type of medical intervention an individual wants, in regard to medical life support, as well as other methods of sustaining the life of a person. An individual should state clearly whether medical life support is to be used if death becomes imminent, due to of a bad accident or a life-threatening illness.
When a person is nearing the age at which most people stop working, numerous details are worth considering. Estate planning is usually a priority for such individuals. A competent professional can be of much assistance in such matters.
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