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Children often inherit a parent’s assets. This can be done in a variety of ways. If the parent dies intestate and the children are the closest living relatives, they will likely inherit. Assets can also be left to them via a will, a trust or other such estate planning...
When considering the components of a comprehensive estate plan, life insurance policies often go overlooked. Like others, you may not realize how beneficial it can be to manage life insurance policies through an estate plan. It can improve life for your loved ones...
Most people who own high-value assets are eager to retain control of those resources indefinitely. They could potentially achieve that goal through asset protection planning. Otherwise, outside parties including creditors and people who file lawsuits could place liens...
Just because you are in fine health now does not mean you will always be. An illness or an accident could take your good health away in an instant and leave you fighting for your life. What would you want to do in a situation like that? Would you want to accept any...
Life is fluid and full of changes. Your estate plan should reflect those changes. Creating an estate plan is not a one-time task; it requires periodic updates to remain effective and relevant. What life events should trigger a review of your estate plan? 1. Marriage...
When creating an estate plan, you may use a transfer-on-death arrangement to transfer mutual funds, stocks and things of this nature. But it only applies to investments. If you want to do a similar thing with a bank account, then you have to use a Payable on Death...
Conversations around estate planning generally involve money and assets. While distributing assets upon a person’s death is central to estate planning, there is much more to it. One option that testators have is to name a guardian in their will. A guardian is someone...
A trust is a document you can use alongside your will to protect assets during and after your life. With the right trust, you can avoid estate taxes, disputes and probate. There are many kinds of trusts you can make, such as a generation-skipping trust and a...
Estate planning is often viewed as a complicated process. Even though its procedures significantly contribute to this concern, the emotions of planning for incapacitation or death are what make it challenging for many people. Here is what to know about the emotional...
When you designate a trustee for your estate or trust, you place a significant amount of trust in that individual to manage your assets responsibly and in accordance with your wishes. However, there are situations where trustees may abuse their power, potentially...