Estate Planning Checklist, Especially for Procrastinators
Nobody likes to think about dying. However, it happens whether we prepare for it or not. If you don’t do some advance planning, it can cause even more longer lasting pain and grief, not to mention money and strained relations for your loved ones.
If You’re Going to Die, You Need an Estate Plan
Estate planning sounds like you need to be of nobility and own country estates before it applies to you. However, estate planning only means that you are making a plan for when you pass away or are no longer able to make good decisions for yourself.
Five Estate Planning Mistakes to Avoid
Five of the most common mistakes are easy to avoid with the right information and support, as well as a little creativity.
Not a Billionaire? Trusts Can Still Be Beneficial
Even if your asset base doesn’t measure up to the Bill Gates standard, you may consider using trusts in estate planning. This is because they can help your heirs in many different ways.
Estate Planning for Unmarried Couples
The number of unmarried couples who live together reached 18 million in 2016, a 29% jump from 14 million in 2007. Among adults age 50 and older, the increase was 75%: About four million were cohabiting in 2016, up from 2.3 million in 2007.
Do Name Changes Need to Be Reflected in Estate Planning Documents?
The fact is people’s names often change. People get married and divorced or sometimes just legally change their names.
Estate Planning Mistakes to Avoid
Preparing an estate plan, is like getting a physical. We know responsible adults have it done but choosing to do it yourself is just not appealing. We may decide with the information available on the internet, we simply can self-diagnose any problems that arise.
An Estate Plan Can Keep Your Heirs from Having to Guess What You Wanted
Passing away without an estate plan is a huge mistake that can tie up your estate for years in probate.
It’s Important to Keep Your Will Up to Date
When the ‘Queen of Soul’ Aretha Franklin died last year, it was believed that she hadn’t prepared any kind of estate plan, including a last will and testament. However, a few months ago, three handwritten wills were found in her home near Detroit. Two were in a locked closet and one was stuffed beneath the cushions of a couch!
Your Spouse Just Died … Now What?
In many relationships, it’s common for one spouse to play money manager and the other to take a more passive role. This, however, can lead to major complications, when the financially dominant partner dies first.