Category: Will
“The tragic recent death of Tony Hsieh, the 46-year-old former CEO of Zappos, reminds us of the importance of estate planning.” Hsieh, former CEO of Zappos, left behind an estate worth an estimated $840 million and no estate plan, reports Forbes in a recent article titled “Lessons From The Rich And Famous: Why Estate Planning […]
“My friend prepared his will and specified that his house would go to his girlfriend. She had contributed money to the upkeep, while they were together.” The friend and the girlfriend agreed when they split that she would quitclaim her interest in the house to the friend, in exchange for the amount she contributed to […]
“If you pass away without a will, a state court generally decides who gets your assets and, if you have children, who will care for them.” Former Zappos CEO Tony Hsieh, who built the giant online retailer Zappos based on “delivering happiness,” died at age 46 from complications of smoke inhalation from a house fire. […]
“We need to make sure your legal toolbox has the right tools for the job and that you understand how each of them work, just like an owner’s manual.” A will is a very important part of your estate plan, but it’s not the only tool in your estate planning toolbox, explains the article “Protecting […]
“Done right by a lawyer, your heirs can avoid the expense and time of probating your will and may save on estate taxes, while easing the administration of your affairs while alive and after you have gone.” Trusts are used to solve problems in estate planning, giving great flexibility in how assets are divided after […]
“In a nutshell, an estate plan encompasses the accumulation, conservation and distribution of an estate. Done well, it will enhance and maintain the financial security of the next generation.” Having a well-prepared estate plan means that you have a plan in place to distribute your home, assets and possessions. However, the estate plan does more, […]
“A common misconception is that you do not have to probate a will when your spouse dies.” Probate, also called “estate administration,” is the management and final settlement of a deceased person’s estate. It is conducted by an executor, also known as a personal representative, who is nominated in the will and approved by the […]
“After a loved one passes, one of the biggest hurdles families face is passing wealth onto the next generation. Unfortunately, family dynamics can spur conflict and infighting among descendants.” More than two-thirds of all advisors surveyed by Key Private Bank said the hardest part of estate planning is navigating family dynamics, according to a 2019 […]
“One of the biggest wealth transfers our nation has ever seen is about to take place. Over the next 25 years, as much as $68 trillion of wealth will be passed to succeeding generations.” Heirs who are prepared to inherit wealth, with families who talk about wealth and have an estate plan, will do better […]
“There’s much to plan for in life—college, your wedding, your first child, life insurance—and with more than enough to keep you busy, it’s easy to forget about your will.” Even during a pandemic, few people want to spend time thinking about death. However, having an estate plan means having some of the most important documents […]
