Owning a home is part of the American dream. Thus, when this goal is achieved, it is something that they do not want to lose. Unfortunately, life comes with its many ups and downs, causing some life challenges. And when these challenges are financial, it can make it difficult or impossible to pay a mortgage on time. Failing to keep up with payments could result in a foreclosure of your home; however, homeowners should understand they have options available to them.
As baby boomers age, they need to take the time to consider what their life after retirement will look like. While retirement is often a timeframe used to start drafting an estate plan, this is by no means a set time to take such measures. In fact, initiating the estate planning process sooner if often advised because we can never predict what the future might look like or what it might hold. And while individuals in California and elsewhere might think they understand what it takes to complete their estate plan, there are various obstacles to be on the lookout for.
Despite its importance, many American adults do not have a will. In fact, a survey conducted in 2015 by USA Today showed that 64 percent of American adults lack a last will and testament.
Drafting an estate plan is more than just preparing for what will happen at your death. It helps articulate your wishes to your family members and beneficiaries in case you become incapacitated or suddenly die in an accident. Thus, estate planning is not only for the elderly. No matter your age, drafting an estate plan could be a very vital step to take.