In the event of an accident or illness that prevents you from making medical decisions, an advance health care directive outlines how you want medical professionals to act. A living will is crucial for all adults because accidents or a sudden onset of severe or terminal illness can happen anytime, rendering you unable to make medical choices.
History has never seen a financial situation quite like this before. Baby boomers preparing to pass on their legacies through estate plans put America at the brink of the largest ever transfer of wealth.
Just like David Bowie’s death taught us earlier this year, the unexpected demise of Prince provides a strong lesson in the importance of proper estate planning. (or the dangers of a lack of proper planning).
The bad news: probated estates are subject to a variety of costs from attorneys, executors, appraisers, accountants, courts, and state law. Depending on the probate’s complexity, and the size of the estate, fees can run into the tens of thousands of dollars.
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