Did you think you had to be rich to have an estate? Think again! From a legal perspective, your estate includes everything you own, from tangible property like a car, house, furniture, as well as intangible assets like insurance policies, bank accounts, retirement and investment accounts. You don’t have to be rich to have an … Continue reading Why You Need an Estate Plan
Category: Assets
Why Do I Need an Estate Plan?
Yahoo News’ article entitled “Don’t fail to be ready for the day you’re dead” says that you need four key legal documents to take care of those who care for you. An experienced estate planning attorney will make sure it’s all done correctly. You want a will that will last through the years without needing constant revision. … Continue reading Why Do I Need an Estate Plan?
What is a Life Estate?
A life estate is a type of property ownership that divides the control and ownership of a property. The person who creates the life estate for their home and assets is known as the “life tenant.” While a tenant retains control of the property, he or she shares ownership during their lifetime with the remainderman … Continue reading What is a Life Estate?
Should I Have a Trust in My Estate Plan?
Kiplinger’s article entitled “Why Do I Need a Trust?” says that if having assets distributed outright to a beneficiary could cause potential issues, there are several reasons to think about creating a trust. If you prefer to place specific conditions on the funds, you should have a trust. Many trusts state that distributions can only take place at … Continue reading Should I Have a Trust in My Estate Plan?
Does My College Aged Kid Need an Estate Plan?
When it comes to estate planning, we usually think of older adults. However, it’s a topic that we should also consider for college students. WDIO’s article entitled “Estate planning is for college students too” reminds us that there’s a number of documents you can put into place in the case of an emergency. Power of Attorney. There are … Continue reading Does My College Aged Kid Need an Estate Plan?
Is Spouse Automatically Your Beneficiary?
People make a grave error when they don’t have a will because they think their surviving spouse will automatically inherit all of their worldly goods. The laws of intestacy work differently, as explained in an article “Estate Planning: The spouse doesn’t always get everything” from nwi.com. The surviving spouse rarely receives everything under the intestate laws. This often … Continue reading Is Spouse Automatically Your Beneficiary?
Should I Need a Trust in My Estate Plan?
Fed Week’s article entitled “Considerations for Including a Trust in Your Estate Plan” describes what a trust can offer. This includes the following: If your heirs are young, you can set up a trust to stay in effect until they are older and can handle their own finances. Another option is to keep the trust in effect … Continue reading Should I Need a Trust in My Estate Plan?
Exactly Why Do I Need a Will?
Some people mistakenly think not having a will allows their assets to bypass the time and expense of probate. That’s not true–if you die without a will, your property still must go through probate, says Fed Week’s recent article entitled “The Importance of Having a Will.” If probate avoidance is an issue, you can create a revocable trust … Continue reading Exactly Why Do I Need a Will?
What’s More Important: an Estate Plan or Trust?
A will makes a one-time transfer of assets after death, while trusts allow assets to be transferred during life and after death. Each one has an important role to play in managing assets and protecting loved ones, reports an article “Estate vs. Trust: Do You Really Understand the Difference” from yahoo!. An “estate” in this sense is everything … Continue reading What’s More Important: an Estate Plan or Trust?
The Basics of Estate Planning
No matter how BIG or small your net worth is, estate planning is a process that ensures your assets are handed down the way you want after you die. Work with an estate planning attorney to ensure your documents are in line with your intentions. Forbes’ article entitled “Estate Planning Basics” explains that everybody has an estate. … Continue reading The Basics of Estate Planning