Many couples in their 30s and 40s are providing for their families and balancing care duties between the needs of children and parents. Managing it all takes preparation, organization, and communication.

Someone who is incapacitated cannot make personal decisions or understand legal documents. An incapacitated person requires a surrogate decision-maker, such as an agent under a health care power of attorney or a guardian.

Although in many situations the advantages outweigh the disadvantages when selecting beneficiaries, there are always exceptions.

If you are a property holder, you may use a Lady Bird Deed to transfer real property to a specific beneficiary while retaining certain rights to the property.