It is common for beneficiaries to assume that an estate plan will be written equally for all of them. Siblings may assume they will all get an equal portion of their parents’ financial assets, for example. If their parents are going to be leaving a home or other real...
When people die, the property that they own becomes the property of their estates. Any assets without transfer-on-death designations attached or a co-owner may become part of an estate. The assets in an estate are subject to distribution based on the instructions...
Many of your assets get distributed with your will. If you want to leave tangible assets like a car or a home to your adult children, you can name them in your will as beneficiaries. You will also need to address financial assets, family heirlooms and items with...
Business partnerships are relatively common. Two or more people choose to start and operate a company jointly. By pooling their skills, time and resources, they may significantly increase their chances of developing a profitable organization. Partners often trust one...
Imagine working hard all your life only to have the state decide who gets everything you leave behind. Yet, this situation happens every day because many people fail to have a valid will in place. This could leave your loved ones facing months of uncertainty,...
Major assets are often addressed first in an estate plan. Who gets to own the family home? What happens to a life insurance policy? How do beneficiaries divide savings in bank accounts or investment earnings? It is important to look at these valuable assets to...
Running a business comes with responsibilities that go beyond day-to-day operations. One of the most overlooked areas is what happens if a key person in the business suddenly passes away. This is where key person insurance becomes a powerful tool, especially when...
You have many decisions to make when you’re creating an estate plan. Many of these have to do with who will receive which assets, but there are other factors that you need to think about when you’re setting the terms for this plan. One decision that you have to make...
The shock of learning that your parent didn’t include you in their will or anywhere in their estate plan can be devastating on top of such a significant loss. Even if you hadn’t been close in many years, you likely expected to receive something – especially if you...
Creating an estate plan is a multistep process that involves taking an inventory of assets and determining who should receive what when you pass away. Once you know that information, you have to decide what method to use to get those assets distributed. Some people...