A recent scientific report elevates social isolation and loneliness to the level of health problems, associating them with a significantly increased risk for early death from all causes. Of course, social isolation and loneliness can become more common with age. The arrival of the novel coronavirus will almost certainly make the problem worse.
Sometimes beneficiaries end up not receiving their assets. Beneficiaries often lose out because the estate planning wasn’t done properly, but sometimes another family member contests the decedent’s will.
Talking about death makes most of us uncomfortable, so we don’t plan for it. That’s a big mistake, because if you don’t have an end-of-life plan, your state’s laws decide who gets everything you own.
Orlando Cepeda wants to know where his money went. He also wants to learn what happened to all of his baseball memorabilia, including his 1967 National League Most Valuable Player Award, and wants to be made whole.
You might not be able to spend all the money in your 401(k) plan before you die. If that happens, your retirement savings will pass to the person you name as the beneficiary of the account. The information on your 401(k) beneficiary form typically supersedes what is written in your will. Therefore, it is important to keep this form up to date for all your retirement and investment accounts.
Without an estate plan in place, clients will be reliant on state laws and probate courts to appoint individuals who will be responsible for financial affairs and health-care decisions, in the case of illness and ultimately the transfer of assets upon death.