A trust and a will allow people to decide who will inherit from their estate. Despite that, a trust and a will aren’t the same kinds of legal documents, however. These legal documents each have their unique advantages and disadvantages. Here’s what you should know:...
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...
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...
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...
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...
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...
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...
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...
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...
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...