Address issues in your estate planning now to avoid a Will Contest later.
One of the goals of estate planning is to avoid conflict in the family, including a Will contest, after a loved one passes away.
Take a look at the following situations. If any of them apply to you, know that you can take steps now to minimize the chance of a Will contest in the future.
Here are 10 warning signs that there may be family conflict after you are gone:
There are step-parents and step-children – and you want to be fair to everyone
You have lent money during your lifetime to one child; or one child has needed more help from you during your lifetime than your other children.
You plan to leave all or a large portion of your estate to charity or to a non-relative.
You have a lifestyle certain members of your family don’t approve of.
You have children who don’t get along – it will get worse after you are gone.
Your children’s abilities to handle money differ – one is prudent, another is a spendthrift.
Your extended family members disagree on how your minor children should be raised if you are not there do to so yourself.
Some of your children work in the family business; others do not.
One child has moved into your house to take care of you (or has moved into your house because of a financial setback).
You have family heirlooms and have not left instructions on how they are to be divided.
Every family has its issues. While it may not always be possible to eliminate all conflict, there are ways to structure your estate plan so as to minimize the chance of a Will contest. If any of these situations apply to you, contact an estate planning attorney now to find out what steps you need to take to preserve family harmony in the future.
A special power of attorney can help you take care of business when you’re unavailable.
Yahoo Finance’s recent article entitled “What is Special Power of Attorney?” explains that with a general power of attorney, you can designate a person to make decisions when you are unable, due to illness or incapacity. A general power of attorney allows your agent (the person you select) to do almost anything related to your financial affairs that you could do, including, for example, file your tax returns, sell your house, access bank records, or sign financial contracts in your name. There are usually few, if any, limitations.
A special power of attorney only applies to specific circumstances. This is also called limited power of attorney. An agent named in a special or limited power of attorney can only act in situations included in your power of attorney document. Maybe you’re traveling or out of town when an important transaction need to take place. A special power of attorney is often used to sell property when the buyer or seller is unable to attend the closing in person. In a special power of attorney you can set limitations and conditions under which your agent is authorized to act.
You can have multiple special powers of attorney, depending on your situation. You may want to give one agent the power to run your business while you’re away and give another agent the power to sell your car.
Remember that a special power of attorney, like a general power of attorney, only applies during your lifetime. If the special power of attorney does not include a date when it terminates, it must end when you pass away. Your assets would then be managed pursuant to the terms of your will or trust, if you have either. If a person dies without a will, then in most cases the assets are distributed according to the probate laws of the state where the person lived.
Typically, creating special power of attorney involves the following:
Naming a person to act as your agent
Detailing the specific terms under which a power of attorney will take effect
Determining which authority your agent will have
Designating a successor agent, if necessary, and
Choosing an end date for the power of attorney to terminate
A special power of attorney is just one of the documents you may need for your estate plan. You should also ask your estate planning attorney about a last will and testament and a living trust to help you manage assets, according to your wishes after you pass away. Other critical documents include advance health care directives which state the kind of care you should receive when you can’t make medical decisions for yourself.
Family caregivers need to take time out for self care.
It’s not uncommon for a caregiver to start their journey in a crisis when a family member gets a devastating diagnosis—like Alzheimer’s, cancer, or heart disease—that causes physical or cognitive restrictions on independent daily living.
Although many caregivers take on their role willingly, they may be forfeiting much needed time for self-care. These sacrifices can accumulate over time, since most caregivers spend an average of four years and 80-160 hours a month in their caregiving role. For individuals taking care of a person with dementia or Alzheimer’s, it can be double that with additional stress.
Creating a routine can give calm to caregivers. A program that is based on a healthy weekly routine is Caregiver Monday, part of The Monday Campaign’s nonprofit public health initiative.
Most caregivers have their regular routines drastically changed, when caring for a family member, This gives caregivers a feeling of a loss of control. When added to the inability to control the disease or disability that impacts loved ones, caregivers can suddenly feel overwhelmed with increased anxiety and chronic stress. This psychological state is called loss of locus of control and has two paths: (i) internal locus of control; and (ii) external locus of control. Caregivers can’t gain external locus of control over the situation or disease, but they can increase internal locus of control—that’s the response they have to these situations. Creating a new routine is part of reestablishing internal locus of control.
A routine can help caregivers cope with change, focus on healthy habits and decrease their stress. It can also help restore balance in a caregiver’s life. Monday gives us a natural refresh point, because it’s part of our cultural DNA. Monday is the start of the work week and the school week, so it makes sense that caregivers can use Monday as the start of a sustainable effort towards improved self-care.
Caregiver Monday provides self-care practices and promotion, and focuses on physical, emotional and social health behavioral change, by helping caregivers commit to weekly efforts. A 2019 survey of 1,000 adult Americans conducted by Data Decisions Group for The Monday Campaigns found that 64% of respondents said if they begin on Monday with a positive frame of mind, they’re more apt to remain positive for the rest of the week. Those surveyed reported they were also more likely to start exercise routines, eat healthier and make doctor’s appointments on Mondays.
Here are three ideas to begin a Caregiver Monday routine. Instead of the Monday blues, caregivers can use Monday as their personal “Fun Day,” to focus on themselves. Caregivers can:
Follow Caregiver Monday on Facebook, Twitter, or Instagram for ideas every week on finding self-care practices.
Get involved with the caregiving community on these social sites to feel less alone.
Ask friends and family to assist with respite care to get a self-care break.
Even with the disruption and the distress, caregivers can use Monday to have a little fun. You can don your favorite color on Mondays or watch YouTube videos of baby animals (a scientific study shows that this can have a positive effect on mood and productivity). Most importantly, thank yourself with little self-care activities and be grateful you can be there for your family member every day.
