In first marriages, working together to raise children can solidify a marriage. However, in a second marriage, the adult children are in a different position altogether. If important estate planning issues are not addressed, the relationship between the siblings and the new spouses can have serious consequences, according to an article titled “Into the Breach; Getting … Continue reading How Do I Protect Myself and My Children in a Second Marriage?
Category: Inheritance
What Is a TOD Beneficiary?
It’s possible to name a TOD beneficiary for many account types—retirement accounts, savings accounts and even brokerage accounts. This can help you and your heirs avoid the sometimes costly process of probate. You can name anyone. However, if you’re married, your spouse may have special rights over your assets that take precedence over your named … Continue reading What Is a TOD Beneficiary?
What Is Better, a Trust or a Will?
Estate plans come in all sizes and shapes. One of the decisions in creating an estate plan is whether a trust should be part of your plan, as detailed in this article titled “Trust vs. Will: What They Share (And 6 Ways They are Different)” from Yahoo! Money. Both trusts and wills give control over how assets are distributed. … Continue reading What Is Better, a Trust or a Will?
Should I Update My Estate Plan?
An estate plan exists to accomplish three things. Real Daily’s article entitled “4 Good Reasons to Update Your Estate Plan” says that as you age, you should consider updating your estate plan. Why? Well, your feelings may change over time or you may experience a significant life event that requires you to update things. These are events … Continue reading Should I Update My Estate Plan?
What’s Involved with Being a Trustee?
There’s an old saying that the two best days in a boat owner’s life are the day they buy their boat and the day they sell it. Forbes’ article entitled “How To Be An Effective Trustee” says that a similar notion applies to being a trustee – it’s an honor to be named and then a huge relief … Continue reading What’s Involved with Being a Trustee?
What If Your Spouse Refuses Estate Planning?
Blended families are quite common in the U.S. A married couple may have a small child—but one spouse may also have children from a first marriage. The spouse may be concerned about assets and protecting those older children in estate planning. A spouse on a second or third marriage may insist on a prenup with … Continue reading What If Your Spouse Refuses Estate Planning?
The Risks of Creating Your Own Estate Plan
We call it the brother-in-law syndrome: your brother-in-law knows everything, even though he doesn’t. He tells anyone who’ll listen how much money he’s saved by doing things himself. Sadly, it’s the family who has to make things right after the do-it-yourself estate plan fails. This is the message from an article titled “Dangers of Do-It-Yourself Estate … Continue reading The Risks of Creating Your Own Estate Plan
Can Unequal Inheritances Be Fair?
Estate planning attorneys aren’t often asked to create estate plans treating heirs unfairly. However, when they do it usually is because a parent is estranged from one child and wishes to leave him or her nothing. When it comes to estate planning, equal isn’t the same as fair, explains the article “Are Unequal Inheritances Fair?” from Advisor Perspectives. … Continue reading Can Unequal Inheritances Be Fair?
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?
Problems Created When No Will Is Available
Ask any estate planning attorney how much material they have for a book, or a movie based on the drama they see from family squabbles when someone dies without a will. There’s plenty—but a legal requirement of confidentiality and professionalism keeps those stories from circulating as widely as they might. This may be why more … Continue reading Problems Created When No Will Is Available