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To many people, estate planning simply involves deciding who gets to keep their property when they die. However, your estate plan can also protect you if you have a medical emergency and address potential future financial or medical issues. For example, you can plan...
You can absolutely disinherit your heirs if you would like to do so. Most people don’t expect to be beneficiaries, but your immediate heirs -- i.e., your children -- certainly do. Cutting them out of the will and leaving them nothing, despite this expectation, is...
Those with complicated family situations, major personal assets or significant personal debt might create a trust as part of their estate plan. If you accepted the role of trustee, there are certain responsibilities that you must fulfill. What are the primary duties...
As an executor, you have an obligation to follow through with the testator’s last wishes. You also need to settle all of their personal matters. Executors will have to close accounts in their name and notify creditors about the death. They will also have a...
Trusts have long been used by the wealthy and the elite to provide resources for their children without giving them control over family assets. A trust, for example, could pay someone's tuition or rent but not allow for cash withdrawals that someone could spend on...
Your estate plan is the guide your loved ones will follow regarding your assets when you pass away. It’s imperative that you have everything set up in a way that enables them to do this as quickly and easily as possible. That can take the stress off them during the...
The percentage of Americans who don’t have a will has been generally increasing in recent years. For instance, in 2017, only 42% of people had a will. In 2018, that fell to 40%, and then it dipped to 32.1% the year after. There was a slight rise in 2020 to 32.9%, but...
You did your due diligence and completed your basic estate planning documents — and then some. You feel like you and your estate are in pretty good shape right now. So, where should you store all these important documents? Should you put them in your safety deposit...
The longer it is since you made your estate plan, the more likely you need to update it. Taking an hour to glance over your plan once a year can help you ensure it is always up to date. Estate plans do not have a technical expiration date like food items, yet the...
Not everyone is an ideal candidate to be the executor of your estate. The person has to be trustworthy a willing to take their role seriously. In addition, they need to act on your behalf in a legal capacity once you are gone. Some of their potential responsibilities...