Category: Will
“Although there is often a progression of complexity in estate planning, this progression generally follows stages in life rather than specific ages.” Many people decide they need an estate plan when they reach a certain age, but when an estate plan is needed is less about age than it is about stages in life, explains […]
“Regardless of the pandemic, experts say it’s important to plan for when you’re not here—that is, give thought to what would happen to your bank accounts, your home and your belongings, as well as, perhaps, your dependents.” As the coronavirus continues to sweep across through the U.S. and the death tolls continue to rise, many […]
“Estate planning can come in a variety of forms, from basic beneficiary designations when you open a bank or brokerage account to more complex and comprehensive plans.” The key reason for estate planning is to create a plan directing where your assets will go after you die. The ultimate goal is for wealth and real […]
“For example, did you name someone as an heir who is no longer in favor with you or—worse yet—has died? Who should get what they would have gotten? Are there now new people in your life—be they family members or not—whom you might wish to share in what you may have?” An estate plan isn’t […]
“During the past four months, more than 141,000 Americans have died of COVID-19. Anecdotal evidence suggests that the pandemic has prompted some people to get serious about creating or updating their estate plans, according to Christine Benz, Morningstar’s director of personal finance.” The importance of having key estate planning documents cannot be overstated. That includes […]
“If you think of estate planning as something only ultra-wealthy people need to do, you’re not alone. That’s a common misconception.” Financial planners know that most people need to have estate plans, no matter how much or even how little money they have, as explained in this recent article “I’m a financial planner, and there […]
“Sometimes beneficiaries end up not receiving their assets. Beneficiaries often lose out because the estate planning wasn’t done properly, but sometimes another family member contests the decedent’s will.” What happens when estate planning doesn’t go according to plan? A last will and testament is a legally binding contract that determines who will get a person’s […]
“So, you’ve decided that a family member won’t be getting an inheritance, after all. Maybe you have an ungrateful or irresponsible family member you want to cut out of the will.” If there’s someone you believe is more deserving or needs more of your help, that may mean someone else in your life may receive […]
“Probate and trust administration are not the same. There are important differences and similarities between administering a decedent’s probate estate and administering a decedent’s trust estate.” Many people get these two things confused. A recent article, “Appreciating the differences between probate and trust administration” from Lake County News clarifies the distinctions. Let’s start with probate, […]
“Talking about death makes most of us uncomfortable, so we don’t plan for it. That’s a big mistake, because if you don’t have an end-of-life plan, your state’s laws decide who gets everything you own.” Without an end of life plan, a doctor you’ve never even met might decide how you spend your last moments, […]
