There’s no question that creating an estate plan can be a major undertaking. But finally putting all the pieces of your plan together can bring peace of mind. However, it’s beneficial to take the next step and talk to your...more
Suppose you want to make a change to your will. It could be something relatively minor, such as a beneficiary is getting married and will be changing her last name. Or your daughter graduated from college and you want to name...more
What are the chances that you or someone in your family — perhaps an elderly parent — will need long-term care assistance? According to the U.S. Department of Health and Human Services, roughly 70% of Americans aged 65 or...more
When working with an estate planning advisor, it’s critical to disclose all your assets. Importantly, any foreign assets you might have must be included. Often, people assume that these assets aren’t relevant to their “U.S.”...more
Estate planning has a language of its own. While you may be familiar with common terms such as a will, a trust or an executor, you may not be as certain about others. For quick reference, here’s a glossary of terms you’re...more
Perhaps you drafted your will years ago and it references many of your existing assets, including retirement plan accounts and life insurance policies. But you also have paperwork on file with the applicable financial...more
5/3/2023
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Wills
No one likes to contemplate his or her own death but making funeral arrangements is a necessary evil of estate planning. Family members usually are distressed in the immediate aftermath of a loved one’s death....more
Your will is designed to provide for the disposition of your possessions and tie up any loose ends in your estate. To accomplish these goals, you may include specific bequests to named beneficiaries. For example, you might...more
When you first dipped your toes into estate planning, you were probably told to start with a legally valid will, above everything else. Check. Next, you may have been advised to create an estate plan that incorporates your...more
Your will is the foundation of your estate plan. Notably, it provides for the disposition of your worldly possessions, including your house, investments and other property. These go to the beneficiaries named in your will. In...more
If your estate has to be probated, in a perfect world everything will go without a hitch and the assets are distributed to beneficiaries in a timely manner. Everyone is satisfied with their inheritance and family harmony is...more
Executing a codicil may be the answer -
For most people, the first step in estate planning is to create a legally enforceable will. If you already have a will in place, consider yourself ahead of the game, but you’re far...more
No one would expect you to operate a business without developing a business plan. Typically, you would review the plan annually and modify it to accommodate your needs. Yet many people don’t follow similar practices for...more
You may spell out specific bequests in your will, such as giving your grandchild your prized collectibles or dividing up jewelry among nieces, nephews and other family members. But what about the rest of the “stuff” that’s...more
A will is commonly drafted in a lawyer’s office in the presence of witnesses and a notary public. However, this scene is slowly changing with the rising popularity of electronic wills (e-wills). Before you choose to use an...more
Are you planning to move to a different state? It may be due to a change in jobs, a desire for a better climate, an opportunity to downsize or to be closer to your kids. In any event, you’ll have to cope with some hassles,...more
Let’s assume you have a legally valid will but you’ve decided that it should be revised because of a change in your family’s circumstances. Perhaps all you want to do is add a newborn grandchild to the list of beneficiaries...more
If you’re like most people, you’ve probably encouraged your elderly relatives to list of all their assets and contact information, including passwords to online accounts. This will enable you or other family members to access...more
Maybe you thought that a member of your immediate family — perhaps your spouse or oldest child — would serve as the executor of your estate. Or you may have planned for a close friend to handle these duties. But the person...more
You’ve probably spent a lot of time creating documents for your estate plan, including a will, trusts and a power of attorney. While these documents are essential for your plan, your family could also use a “road map” to...more
If you’re making sizeable donations to charity as part of your estate plan, your good intentions are clear. But how do you know the funds will be used to further the charity’s mission? There are no absolute guarantees...more
Generally, every estate plan requires a will, but this main attraction may be complemented by other documents, like a letter of instructions. The letter, unlike a valid will, isn’t legally binding, but can be valuable to...more
Typically, you arrange to leave most of your assets to various family members, including your spouse and children. These dispositions are spelled out in your will. But you don’t have to do what’s “expected” of you....more
People sometimes keep assets hidden without letting their family know about their existence or location. Similarly, they may have life insurance policies no one knows about. This brief article explains, through a fictional...more
It’s important to name executors and trustees who can provide the necessary expertise in handling assets and duties. This article details the duties of an executor and a trustee. A sidebar explains the need to name successors...more