When is it best to set up a will?
The best time to set up a Last Will and Testament would be in your younger years, while you are healthy. As you get older make sure to amend or change the Will if the directives contained inside are outdated or no longer represent your true intent. The older you get, the more difficult it becomes to set up a Will and additionally, the more defenses can be raised about the contents of your Will, if someone wishes to make a challenge. Mental capacity issues such as your ability to create a Will become an issue and you are more susceptible to undue influence as a result.
There are various types of wills. How can an individual choose the right type of will for them?
If someone if setting up a Will, there are really only two different types of Wills. There are simple wills and there are wills that contain trusts embedded in them (testamentary trusts). An individual should work with an attorney to decide which one is right for them. That being said, we hardly use testamentary trusts anymore. If a trust is needed for some reason, it is better to set up a living trust then create a testamentary trust.
Can you share financial tips that could help with end-of-life planning?
Everyone has financial accounts. An easy way to avoid probate and get your money to your beneficiaries is to place pay on death designations on all bank accounts. Most people do not know this basic feature is available avoid probate. It can save time and money and is available on most any account that you have.