Delaware residents may take steps to get their affairs in order and provide for their families after their deaths. When they do so, they may want to consider structuring their estate planning in a way that makes the job of their executor easier. Not only does this relieve some of the pressure on the executor, but it could also hasten the probate process by reducing or eliminating the potential for unnecessary delays.
Whether a Delaware resident is 18 or 80, making arrangements for death or incapacitation is crucial. It is not only older people or those with families who benefit from estate planning. No one knows what will happen in the future, and news headlines filled with young people who lost their lives or suffered critical injuries can attest to that fact.
Nearly every Delaware resident has some sort of online presence. Whether individuals simply have a Facebook account, save photos to the cloud or do their banking online, these accounts require attention during estate planning. Because the laws are still trying to catch up with the digital age, people need to take extra time and care to ensure that their digital assets are accounted for after death.
Delaware residents spend time and money putting together a plan that takes care of them if they become incapacitated, and their families upon death. Once they are pleased with their estate plans, they put them away for safekeeping until they are needed. This could be a mistake because they might miss one crucial part of estate planning -- the review.
When most Delaware residents think about a time in their lives when they will not be able to make decisions for themselves, they imagine being elderly. However, a debilitating illness or injury does not discriminate. Even young adults could end up needing a trusted family member or friend to make decisions on their behalf, even temporarily. That is why most estate planning includes the execution of durable powers of attorney.
Delaware law allows a number of ways to leave real estate to loved ones after death. When conducting estate planning, all of the options should be explored in order to ensure that the transfer is accomplished in the best way possible, according to family circumstances. One of those options could be the use of a life estate.
Probate is not the dirty word that many Delaware residents envision it to be. People are encouraged to engage in estate planning in order to avoid going through the probate process, but the fact is that nearly every estate goes through some form of probate. How an individual structures his or her estate plan determines the remainder of the process, including whether it is designed to avoid family conflicts.
Delaware's baby boomers are not the only ones who need to get their affairs in order to ensure their families are taken care of after their deaths. No one knows what the future holds, and it pays to be prepared. That means that even millennials could benefit from estate planning, especially if they have families of their own.
Not every Delaware resident should receive an inheritance outright or is old enough to inherit property. In order to make the most of estate planning, it may be beneficial to consider using a revocable living trust. This type of trust is created during an individual's life and can be changed, altered or modified until his or her death, at which time no further changes can be made to it.
Delaware parents strive to provide for their children both before and after death. During estate planning, many parents struggle with ensuring that they treat each child fairly, and for many people, fair means equal. Unfortunately, equal does not always adequately provide for every child.