Effective estate management enables you to manage your affairs during your lifetime and control the distribution of your wealth after death. An effective estate strategy can spell out your healthcare wishes and ensure that they're carried out – even if you are unable to communicate. It can even designate someone to manage your financial affairs should you be unable to do so.
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Living trusts are popular, but their appropriateness will depend upon your individual needs and objectives.
The money problems or bad lifestyle habits of adult children could lead to the squandering of any inheritance they receive.