Parents with minor children need to nominate a guardian in case both parents die or become incapacitated (unable to manage their own affairs) before their children reach adulthood. While the likelihood of that happening might be slim, the consequences of not naming a guardian are serious.
As the person in charge of winding up your loved one’s affairs, you may find yourself juggling many tasks: planning the funeral, coordinating with relatives arriving from out of town, and meeting with an attorney to start the legal process of paying for final expenses and any outstanding debts so the money and property can be distributed to the appropriate recipients. Be sure to take care of yourself during this emotional time.
Creating a trust to hold accounts and property can avoid the long, complicated probate process.
The bad news: Going through probate court may lead to various expenses, including fees for attorneys, executors, appraisers, accountants, court filings, and other costs required by state law. The good news: Many costs can be reduced by avoiding probate altogether.
Including in your trust a trust protector who will have the ability to make necessary adjustments to the trust provisions as circumstances, beneficiaries, and governing laws change is important.
Actor Val Kilmer’s passing in April 2025 highlights estate planning issues that can affect almost anyone. Although Kilmer was a celebrity, these issues—including managing real estate in more than one
Simultaneous death laws, such as the Uniform Simultaneous Death Act (USDA), enacted in 1940 and updated in 1993, were created to resolve legal uncertainties when two or more people die at the same time or close in time to each other and the order of death is unclear.
Once you are married, you will be uniquely situated to provide meaningful support for your spouse after your passing through special estate planning tools available only to legally married individuals.
When somebody close to us passes away, we are left with constant reminders of them. There are many ways to turn memories into mementos and honor a beloved friend’s or family member’s passing. These tributes can also be a creative and strategic way to use estate assets. Planning ahead provides your loved ones with more flexibility in using your money and property for dedications and memorials. A well-thought-out plan can even set aside money for such purposes.
Approximately three-fourths of Americans do not have a basic will.[1] Many of the same people also have children under the age of 18, which underscores a major misunderstanding about estate