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Dying without a will creates additional hassle and expense for those who survive. Teenagers are best advised to prepare a will so that they begin to have a focus on having a financially successful life. Having a will helps teens think about their future as well as about what they own and how much such things might be worth.
Continue reading ‘Why should an 18-year-old prepare a will?’
More and more children are managing their parents’ finances without a trust, power of attorney, or guardianship in place. Usually, one of the parents has added one of their children to their bank account to allow them to pay their bills. Although this arrangement is convenient, it is often only a temporary solution and is usually inadequate to address all of the financial matters that arise. Moreover, many people do not understand the legal consequences of the account agreement; specifically the difference between the “power of withdrawal” and “ownership” of an account. Once the parent’s mental capacity to execute a power of attorney or trust becomes an issue, then a guardianship will mostly likely have to be created to adequately address all of the parent’s financial matters.
Continue reading ‘Managing an Elderly Parent’s Bank Accounts’
