How Can Blended Families Use Estate Planning to Protect All of the Siblings?
No matter how solid the relationships might be, it is important for parents to be aware how blended families can create unique estate planning issues.
What Happens to Credit Card Debt when Someone Dies?
If you get bogged down with a high balance that you can’t easily afford to pay off, it can take years to get out of debt. However, what happens to your credit card debt, if you die before you’ve repaid it?
Does Your Inherited House have a Mortgage?
What happens if you inherit your loved one’s home? What if they still have payments to make on their mortgage?
Is Probate Required If There Is a Surviving Spouse?
A common misconception is that you do not have to probate a will when your spouse dies.
Estate Planning for a Second Marriage and Blended Family
Second (or third or fourth) marriages often require careful balancing between the needs of the surviving spouse and the needs of the children from a previous marriage.
How Do Joint Accounts and Beneficiary Designations Work in Estate Planning?
Remember that a will goes through probate, so a husband and wife typically try to avoid it by using joint ownership or beneficiary designations. However, they’re often mistaken by believing the will still controls their estate.
What Happens to Debt when You Die?
Creditors typically try to collect on unpaid debt, by going after the decedent’s estate during a process called probate.
Creating a Trust is Not Enough – That Last Step: Trust Funding
If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.
Update Your Estate Plan to Protect Spouse and Children
Imagine you get married and within a year or two, your new spouse passes away. Now, imagine that your grief is compounded with financial stress.
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.