Assets with beneficiaries bypass probate
The probate process can take a long time and may get complex. When doing their estate planning, some people make it their goal to avoid this. One way to do it is by using beneficiary designations. A beneficiary designation can be used on a retirement plan, a life...
Do you get your inheritance if your parents don’t have a will?
Most people don't like to think about their own mortality or the idea that their parents will eventually die. However, having a friend or neighbor lose a parent can serve as a major wake-up call. You may start to wonder what the future will hold for you as you listen...
What to expect as an estate executor
When a friend or family member asks you to be the executor of his or her estate, you may feel honored and flattered. After all, those who give any thought to this decision typically choose someone whom they can trust implicitly to carry out their wishes and handle...
If you get divorced, check your estate plan
Making an estate plan years in advance is a wise decision. However, it also means that life could change dramatically before you need to put that plan into action. When it does, you want to go over the plan again to ensure that it still aligns with your desires and...
What are the common responsibilities of an executor?
People are often intimidated by the legal process and avoid completing projects that are designed to benefit them. Developing a comprehensive estate plan falls into this category for many individuals. While this task might seem cumbersome, the more effort you put into...
Understanding medical and financial powers of attorney
If you want to use a power of attorney as part of your estate plan, there are two different types you can consider. The first is medical and the second is financial. Be sure you know how both work. A medical power of attorney Making medical decisions is important,...
Will your estate plan need to include a pour-over will?
When you created your trust, you likely transferred most of your assets to its ownership. This might have been a painstaking process, and whether on purpose or by mistake, you might have left property out of it. While it may not make sense to add these assets to your...
Can your leave your home in a 55+ community to your loved ones?
Many people choose to downsize to a smaller, easier-to-manage home once their children are grown and on their own. Residential areas known as 55+ communities have become very popular for those who haven’t yet reached the age where they need to be in assisted living...
Why should you revisit estate planning as you prepare to remarry for the second time?
Getting married for the second time is rather common, but it does present some complications as it relates to estate planning. You'll want to take specific steps as you remarry to protect your heirs when you add a new spouse and additional family members into the mix....
Options exist for avoiding estate taxes
Accumulating a considerable amount of wealth over a lifetime can seem like a great accomplishment. You may have done your best to work hard, save, invest and take other measures that would allow you to live a more than comfortable lifestyle and have funds left over to...