If your named beneficiaries are Millennials—born between 1981-1996—you may want to consider three essential points about your trusts, as explained in the article “Trusts For Your Millennial Beneficiaries” from The Street. They’re different from their parents and grandparents, and disregarding these differences is a missed opportunity. This generation’s distinguishing characteristics and traits include: Valuing relations with superiors with … Continue reading Three Ways to Making Trusts Millennial Friendly
Category: Trusts
How Do I Leave Assets for Heirs?
How to distribute assets to beneficiaries isn’t always a simple decision. Not only do you want to consider how best to distribute your assets, but you also want to consider how and when beneficiaries should be able to access inheritances and then ensure this is all documented in your estate plan. An article from Kiplinger, “Estate Planning? … Continue reading How Do I Leave Assets for Heirs?
What is an Estate Planning Checkup?
The start of the year is the time to review and revisit your estate plan. Just like going to the doctor and dentist for regular exams, it’s basic self-care. An article from Kiplinger, “Need an Estate Planning Checkup? Now is the Perfect Time,” advises having an annual checkup with your estate planning attorney before anything goes wrong. Estate … Continue reading What is an Estate Planning Checkup?
What are the Advantages of Putting Your Home in a Trust?
Property trusts allow you to place your personal residence or any property you own into a trust to be given to a beneficiary, explains an article, “When Should I Put My Home in a Trust,” from yahoo!life.com. Placing your home in a property trust makes it far more likely your home will go to its intended beneficiary. The property … Continue reading What are the Advantages of Putting Your Home in a Trust?
How Can I Relieve My Family’s Stress When I Die?
After losing a family member, people experience pain and grief. The situation gets worse if legal issues are involved, resulting in family conflicts. Such challenges are typically the result of a lack of planning when they could have been much easier if a good plan had been in place, says Scubby’s article entitled “7 Ways To Ease Your … Continue reading How Can I Relieve My Family’s Stress When I Die?
What Is Probate Court?
Probate court is a part of the court system that oversees the execution of wills, as well as the handling of estates, conservatorships and guardianships. This court also is responsible for the commitment of a person with psychiatric disabilities to institutions designed to help them. Investopedia’s an article entitled “What Is Probate Court?” also explains that the probate … Continue reading What Is Probate Court?
Which Documents are in an Estate Plan?
Understanding how estate planning documents work is central to creating an estate plan for each individual’s unique situation. An estate planning attorney needs to know the details of your life, not because they’re nosy. It is because this is how they can create a plan tailored to protect you during your lifetime, plan for long-term … Continue reading Which Documents are in an Estate Plan?
Does Divorce Have an Impact on Estate Planning?
The short answer is “Yes”. Even the most amicable divorce requires a review and update of your estate plan, as explained in an article from yahoo! finance, “I’m Divorcing. Will That Impact My Estate Planning?” This includes your will, power of attorney and other documents. Not getting this part of divorce right can have long-term repercussions, even after … Continue reading Does Divorce Have an Impact on Estate Planning?
Do I Need a Will If I’m Leaving Insurance Policy to a Beneficiary?
If you aren’t thorough with your estate planning, you could create conflict, even with the best of intentions, says an article from yahoo! Entertainment titled “Life Insurance Beneficiary vs. Will: Do I Need Both?” Your life insurance beneficiary designation supersedes your will, so you’ll need to have your life insurance policy and your will aligned to save heirs … Continue reading Do I Need a Will If I’m Leaving Insurance Policy to a Beneficiary?
Do Family Secrets Hurt Estate Planning?
A study by the financial services research firm reveals just how big a problem family secrets can be, as reported in Financial Advisor’s article “Family Wealth Transfers Undermined by Secrecy.” Most asset holders plan to share their wishes and intentions with family members before they die. However, the research reveals only about half actually do so. The survey … Continue reading Do Family Secrets Hurt Estate Planning?