Thinking about your funeral may not be fun, but planning ahead is helpful. It both lets your family know your wishes and assists them during a stressful time.
Estate Planning
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Federal law requires that after you reach age 70 1/2, you must begin withdrawing a minimum amount
from your retirement accounts. But what if you die after age 70 1/2 and before all the account funds have been distributed?
When your child reaches the age of 18, you no longer have the same level of access to, or authority over, his or her financial, educational and medical information. There are steps you can take to make sure your child is protected.
When you die, your debts do not expire with you. Most debt still needs to be paid off, if possible, although who is responsible for paying the debt depends on the type of debt, and some assets are protected.
If you believe a loved one's will is not valid, you may be able to contest it. But proving a will is invalid is difficult and this process should be undertaken only if you are sure there is something wrong.
While it isn't possible to entirely prevent the possibility of power of attorney abuse, there are steps you can take in drafting a power of attorney to greatly reduce the chances.
Legendary singer Aretha Franklin was thought to have died without a will, but the recent discovery of handwritten documents is calling that into question.