If I make a will, is that my estate planning complete?
Wills are the best-known of all estate planning documents. They are the documents that grab the headlines when someone famous dies. Yet, a will alone is not enough to cover your full estate planning needs. Wills only detail what happens once you are dead While it is...
Why it’s important to have a will
People are often uncomfortable when they think about end-of-life issues, so they put off making a will. Some individuals never make one at all because they prefer to focus on living from day to day rather than contemplate the future Why is it important to have a will?...
During which life stages could an estate plan prove crucial?
The kindest thing we can do for our family members is to establish a solid estate plan in the event of our death or incapacity. If they have a thorough plan to follow, they can focus on mourning, and they don’t have to worry about figuring out what to do with your...
When should you update an estate plan?
Drafting an estate plan is a good first step, but don’t make the common mistake of believing it is also the final step. Regardless of your age, there are life events that can come up and change your goals, assets, debts or other aspects of the plan. It is at these...
Artworks need special estate planning consideration
Dividing up cash and assets that easily convert to cash between your heirs isn't that hard. Dividing up special items, like artwork, can be entirely different. Whether you have a couple of paintings or an entire art collection forgetting about them when creating your...
Should you set up an irrevocable life insurance plan?
If you have an estate plan but want to add in some advanced options, one of them that you may want to consider is an irrevocable life insurance trust, or ILIT. This is an estate planning tool that helps you avoid estate taxes on life insurance proceeds. To do this,...
Estate planning tips for new parents
Becoming a parent for the first time has the power to change your entire worldview. You are no longer at the center of your universe, but instead, your life revolves around your child. You'll want to do everything that you can to protect your child both now and for...
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...
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...