Having a will is one of the most important ways for you to outline what is key for you in your estate plan. You can use a will for multiple purposes in estate planning, such as naming a guardian for a minor child and distributing your property. Skipping a will could be a big mistake especially if your state's intestate succession laws do not align with how you would have transferred your own property. Check out your Read More
Using Both a Will and a Trust in Your Estate: When it Makes Sense
It is a common misconception that you only need a will or a trust for estate planning purposes. Only by working with an estate planning attorney can you understand how both of these tools can help you accomplish estate planning goals and when it is most appropriate to have each. If you already have a trust, it’s a common myth that you don’t also need a will. In a perfect world having your trust may be sufficient if Read More
Which Of My Expenses Are Associated With My Estate?
Settling an estate can be a complex process, which is why it is so important to discuss who will serve as your executor well in advance. This person should be prepared to handle these different tasks and be aware of the fiduciary responsibility they hold to your estate and your beneficiaries. Expenses of an estate must be identified and properly paid out along with any other probate related debts before Read More
Two Important Questions to Consider When Creating a Trust
A trust is one of the most valuable and increasingly popular estate planning tools to use a trust appropriately. It is recommended that you work with a qualified estate planning lawyer to ensure that the trust is legal, properly funded and aligned with your estate planning goals. Two primary questions will guide much of your conversation with your estate planning attorney. The first of these is who will serve as the Read More
Do I Need a Power of Attorney If My Spouse Is Showing Signs of Mental Decline?
Showing early signs of dementia or other cognitive issues might prompt you to schedule a consultation with an estate planning lawyer. Many people get advised at this stage in time to create a financial power of attorney. If these medical issues are happening to your spouse, however, you may be wondering if this is necessary. One of the most important things to remember is if a loved one is showing signs of mental Read More
Recognizing Your Residuary Estate
What happens if you don’t plan for everything in your estate? A will is the most popular estate planning tool because it allows you to determine what happens to your assets and also to name any guardians for your minor children. However, there are some reasons why certain assets may not make it into your will. These become part of what is known as your residuary estate. You may create a residuary estate Read More
Have You Planned for The Rising Costs of Health Care?
As you look to the future of your estate plan and retired years, have you considered whether you have room in your budget for a healthcare crisis? While most people hope to live long and healthy lives without a major illness or accident-related problem, it’s smart to think about your possible sources of funding should the worst happen. Most people underestimate the possibility of needing long-term care in the Read More
What Millennials And Gen Z Need To Know About Estate Planning
Everyone needs estate planning, but plenty of people skip over the importance of creating basic estate planning documents. You might think that estate planning doesn't apply to you because you're relatively young, but any number of celebrity and news stories can show you just how dangerous it can be to skip an estate plan. It is always shocking to find out when a celebrity who had significant assets didn't take any Read More
How To Avoid Arguments With Siblings When a Parent Passes Away
The loss of a parent has many implications for surviving family members, but it is all too often the case that siblings can end up in the midst of disputes with other siblings. Dividing up the assets of an estate is not always easy, and when people do not agree on the best way to do this or the interpretation of the will, this can lead to extensive and expensive legal actions. As a parent, you can do some proactive Read More
Your Stage Of Life Connects To Your Estate Planning Goals
What’s most important to you in this stage of life? That may change over time, and your estate and financial goals should change with it. What you need when you go off to or graduate from college is probably different from when you buy your first home or prepare for retirement, and it's important to remember to update your estate plan as you go. At each stage of your life and age you reach, it is important to think Read More
