Estate planning is a process that allows people to instruct how their assets are handled after they pass away. Notably, most estate plans include a will that names their heirs, divides their assets and puts an executor in charge of the probate process. Many people...
There are all kinds of decisions you have to make when you put your estate plan in place. One of the most important is who will be your estate’s executor (also known as the personal representative). The executor of your estate is responsible for everything from filing...
Despite what you might think, estate planning is not just for rich people who have a significant number of assets. Where you have possessions, you have an estate and you should be thinking about what you want to happen to it after you pass away. What is estate...
Are you one of the many who prefer the do-it-yourself (DIY) approach instead of asking someone for help? With this mindset, you have probably learned to do much on your own, but is it the best way to address estate planning? Unless you have considerable knowledge of...
You put a lot of thought into choosing the person who would be your child’s legal guardian should anything happen to both you and your spouse. In fact, your child’s birth is what incentivized you to begin your estate planning. It’s been a few years (or maybe longer)...
If you have worked hard your entire life and amassed a considerable amount of wealth, you certainly want to pass something down to the people and causes you care about upon your death. And while there are many ways of passing down wealth to the next generation (like...
A trust is one of the most important estate planning tools. With a valid trust in place, the grantor can avoid some estate taxes and bypass a costly, public and time-consuming probate while ensuring that their assets pass down to the people they care about when they...
The contents of a basic estate plan focus on what will happen to someone's property when they die. Someone can leave instructions for their assets and the care of their loved ones with a simple will and no other paperwork. However, quite a few adults add additional...
An estate plan, as you know, is the legal documentation and itemization of your assets and last wishes. Included in your estate plan are several key documents and decisions you’ll make while alive to help benefit your family and loved ones. However, this may be your...
Setting up a plan for what will happen to your assets when you pass away is important. One of the options you have for doing this is to set up trusts that pass specific assets to your heirs. As you’re going through the different types of trusts, you’ll notice that...