When Should I Update My Estate Plan?
Getting your estate plan in place is never a ‘one and done’ task. Estate planning is an ongoing process and should be viewed that way.
Why Should I Name a Beneficiary?
Lewis established an irrevocable trust, in which he named ‘his son’s spouse’ as a beneficiary. At the time Clark, the son, was married to Vivian.
What Not to Do when Creating an Estate Plan
Sometimes people attempt to make an estate plan online without consulting legal and financial professionals to avoid the higher cost. However, everyone’s situation is unique, and using a boilerplate estate plan can lead to mistakes.
Checklist for Estate Plan’s Success
Every so often, it’s smart to methodically go through your estate planning documents and see if any tweaks are needed. Here’s a checklist to guide you through that mission.
Do You Need a Revocable Trust or Irrevocable Trust?
Trust funds are not just for the ultra-rich. These sophisticated estate-planning tools can make just as much sense for middle-class Americans who own a home and have a net worth of at least $100,000.
Just What Does an Executor Do?
In addition to deciding who gets what when you die, you have key roles to fill that deserve thoughtful deliberation as part of the estate-planning process, experts say.
Is it Better to Have a Living Will or a Living Trust?
Whether you need a living will vs. living trust as part of your estate plan depends on your overall financial situation and goals. However, it’s helpful to consider the advantages of including one or both in your planning efforts.
Preparing for an Estate Planning Meeting
While most initial meetings with an estate planning attorney will result in some questions you likely have never considered, there are many ways in which you can prepare for a thoughtful and productive estate planning conference that will result in a better understanding of your goals and more efficient use of time with your attorney.
Is an Irrevocable Trust a Good Idea?
Like a lot of estate planning vehicles, irrevocable trusts work very well for some purposes—particularly for tax avoidance and asset protection—and not so well for other purposes.
Do You Want to Decide or Do You Want the State to Decide?
Estate planning attorneys will agree, it’s better to die with a properly drafted will than to die without one. If you don’t have one, consider getting one.