A large part of estate planning involves thinking about what happens when you eventually die. The other main purpose is to put precautions in place in case you fall into ill health. There are two parts to this kind of planning: financial and medical. Financial...
Estate Planning
Do you need to add an advance directive to your estate plan?
Your estate plan determines what happens with your property when you die. You can name a family member or someone else you trust to serve as your representative and specific individuals to receive specific assets. A will gives you an opportunity to name a guardian for...
Should you talk to your parents about their estate plan?
Talking to your parents about their finances and what would happen when they die can be uncomfortable, to say the least. After all, death is taboo in most households. However, if you decide to discuss estate planning with your parents, it is important that you know...
Why do people put off estate planning?
It’s often said that most people don’t have an estate plan. And this is true, as the majority of Americans haven’t done their planning yet. But the key thing to remember is that this doesn’t mean no one wants an estate plan or that no one understands how valuable it...
2 estate planning mistakes to avoid
Estate plans allow you to reduce your beneficiaries' tax liabilities after you die. They can also reduce the potential of estate litigation due to disagreements between your heirs. While estate planning can help you maximize your estate's value, it's important to...
Estate planning and out-of-state property
One of the reasons you’re developing an estate plan is likely to save your loved ones from having to go through a lengthy probate process to settle your estate. Avoiding probate can save time, money and stress. It can also help keep your estate private. If you’re like...
Working out an estate dispute with your siblings
When a parent passes away and leaves assets to you or your siblings, you probably assume that you’ll all take what you receive gratefully. Unfortunately, when what’s passed on isn’t equal, there is always a risk that someone will be upset by what they’ve received and...
What happens when someone dies without a will?
When you die intestate (without a will), there may be confusion regarding the division of your estate. It can set off conflict, especially where there are disagreements among the beneficiaries. Fortunately, there are laws that address such situations where someone...
Is it time to update your estate plan?
Life is constantly changing. The plans you made several years ago may need to be changed to reflect your current situation. The same can be said for estate planning. The will you wrote in 2015 should definitely be reviewed and updated as your circumstances change...
Why you should add a revocable trust to your estate plan
When you start making your estate plan, a go-to document is a will. While this is a great start, it’s not the only legal document that your estate plan should include. Remember, the process to execute a will takes some time and those who are set to receive assets...