Your estate planning is done, but is it? A periodic review is an important ongoing step to your planning.
No one knows when their time will come, which is why it’s important to have a last will in place. This document ensures that your final wishes are carried out after your death. Without a will, the laws of the state of your residence at the time of death will determine what happens with your estate.
At some point in your life, there’s a good chance you’ll be tasked with acting as the executor of an estate.
One reason for having a will is to make sure your wishes are carried out. If you die “intestate” (without a will), your assets will be distributed by state law, not by your desires.
One important aspect of estate planning is deciding what will happen to your home after you die. The answer might be fairly cut and dry if the home is fully paid for. If it’s not, though, you’ll need to consider the financial ramifications for your estate and for the person who inherits the home.
The probate process gets a bad reputation, but it’s the reality many families will face. It is a process that can function well for some small estates.
Dying without a will can be costly and eliminate your ability to plan or provide for loved ones.
No one relishes the thought of the day they pass away and leave all their worldly possessions behind. However, it’s a certainty that no one can avoid. Thankfully, you have options for planning for what happens to your estate, including a will or a family trust.
As you’re making your estate plan, you’ll want to carefully consider everything. This means it may take a while to complete your plan. Here are five things to watch out for along the way.
So, what happens to your estate if you don’t have a will nor any children?