Many District of Columbia residents have a general outline in their minds of how they would like their estates distributed upon death. However, being general during estate planning can result in complications for family members after death. One should strive to be as specific as possible during estate planning in order to eliminate -- or at least reduce -- any ambiguity regarding his or her wishes.
Research estimates that 70 percent of Americans over the age of 65 will need an average of three years of long-term care at some point. Year to year, the annual cost of assisted living and nursing home care is on the rise. Without adequate long-term care planning, this could cause a heavy financial burden on both the District of Columbia resident needing the care and family members.
When a celebrity passes away, average Americans often learn a number of estate planning lessons. Celebrities who achieve a significant degree of wealth often fall into one of two categories: those with excellent estate plans and those with estate plans that are seriously lacking or nonexistent. Either way, there is plenty to be learned by Washington, D.C. residents from observing the actions taken by others when it comes to trusts and estates.
Not everyone in the District of Columbia is good at handling family finances or business matters. This fact should be taken into consideration when conducting estate planning. One of the goals of an estate plan is to make things easier on the family members left behind, and that may mean inserting a third party into the process.