Estate planning is a very personal process. People think about their values and their close relationships. They leave resources to support vulnerable loved ones, contribute toward charitable causes or enhance the lives of specific family members. If the person...
When someone wants to challenge a will or an estate plan, they need to provide a reason for that challenge. Only certain people are allowed to challenge, and this usually includes beneficiaries or direct descendants. But even these individuals need to demonstrate a...
If you’re doing estate planning as a business owner, a major part of that plan may be business succession planning. You need to pass the company on to someone else. If you want it to stay in the family, this person may be a direct descendent, like one of your children...
Creating an estate plan is a major undertaking, but it’s vitally important that it’s done properly. One goal you likely have for your estate plan is to pass down assets to your beneficiaries. Deciding who you want to take control of your bank account when you pass...
When someone drafts an estate plan, they will pick an estate executor or an estate administrator. The documentation from the estate plan tells the administrator what the deceased person wanted to have happened with their assets. But it is up to the administrator to...
As people age, their physical capabilities and health often change. Previously independent adults may become dependent on others for their basic daily needs. They may need support following medical instructions or maintaining their homes. In some cases, they require...
The process of estate planning is a lifelong endeavor. Many people update their estate plans regularly. The typical amount of time between updates is about three to five years. Life is unexpected, and you may have a reason to make changes earlier. Here are a few...
There are many reasons why you might want to avoid probate for your estate. Probate can be time-consuming, often taking months or even years to complete. It can also be expensive, with fees and court costs eating into the value of your estate. Probate is also a public...
A power of attorney is an estate planning document that you can use to select an agent. You can then give this agent specific tasks. For example, you can use a financial power of attorney to authorize your agent to access bank accounts, pay your taxes, pay medical...
Many businesses close down. And you may find yourself considering it. Even though it can be emotional and challenging, it may be the best move for your business. Here are four reasons that may contribute to you closing your business: Personal reasons This is one of...