More details to this question:
I am single, age 57, and seasonally employed with USDA Forest Service. No liabilities. My assets are as follows: IRA, I own a car outright, IRA, TSP, Federal Employees Life Insurance Plan, and stock certificates (with DTE Co. and Tri-Continental Corp.). I am not a homeowner. I have 1 sister and 1 brother). My mother is deceased and my 95 yr. old father is being placed in a VA Nursing Home). I have no children. I want to name my 3 nephews as my heirs.
1 ANSWER
That's great of you to plan ahead. A will is a good start. However, when you own real estate in California having a trust is generally the way to go. It would allow your nephews to inherit the property as quickly and easily as possible. Also, you should have a power of attorney for financial and advanced health care directive. I encourage you to find a qualified estate planning attorney to assist you. Good luck. -John
Answered on Aug 26th, 2014 at 7:45 AM