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Estate planning can feel confusing and overwhelming when you have multiple children. One common concern is whether you need a separate trust for each child. The good news is that you don’t have to create separate trusts for each of your kids. You can typically create...
Wills are testamentary instruments that serve multiple purposes. People primarily use them to specify who should inherit from their estates and to nominate a guardian for minor children or adult dependents with special needs. Wills can be very effective estate...
When it comes to setting up an estate plan, the common assumption is that you do not need one until you are old and have amassed a great deal of wealth. If you are over 18 years old, you may start your estate planning process. You might think that 18 years old is too...
Receiving a terminal diagnosis can be an emotionally devastating experience that profoundly impacts both the individual who is ill and their loved ones. In the midst of processing such news, the importance of estate planning cannot be understated. Engaging in estate...
When you set up a trust, you have to pick a trustee. The trust provides instructions for how assets should be distributed, but it is the trustee who makes those distributions. The beneficiary cannot access the money without them. People often choose a family member or...
Trusts can either be revocable or irrevocable. Understanding the differences is crucial if you are considering creating a trust for your loved ones to benefit from when you are gone. Choosing the wrong option can lead to undesirable consequences and legal issues in...
There is more to probate than just distributing assets to the will beneficiaries. It’s a legal process that involves several key steps. Understanding what happens during probate can help make things easier for everyone involved in the process, whether you are an...
Divorce is often a time of uncertainty and personal upheaval. People are often uncertain about what may happen with their family relationships and personal resources. It is common for adults to focus so much on the immediate legal concerns that they face that they...
People often feel so overwhelmed by the emotional responses to a death in the family that they overlook practical issues. Even intelligent, organized individuals may let their grief dictate their conduct in the early days after someone's passing. Unfortunately, legal...
The more valuable a specific asset is, the more important it becomes to have a plan for what will happen to it when someone dies. Assets may require probate oversight to transfer to new ownership. They can be worth a lot of money, which means that they can affect the...