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When someone sits down to plan their estate, one of their goals could be to avoid probate proceedings. Most people have heard at least one horror story of an estate that spent months if not several years going through multiple challenges in the probate courts....
The probate process is unfamiliar to a lot of people. While many people understand that individuals write wills to dictate what they want to happen with their assets when they pass on, they don't realize that the transfer of their belongings isn't immediate. The...
You plan to help with your parents’ estate when they pass away. You know it’s a big job. You want to help distribute assets, sell the house, talk to your siblings about asset division, close out bank accounts, pay the bills and much more. Despite the workload, you’re...
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,...
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...
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...
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...
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...
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...
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,...
