Taking the time to create an estate plan is only the first step toward protecting everyone and everything that is important to you. You must also update your plan for it to be successful and work as intended. One thing people often forget is to review and revise are the beneficiary designations within their estate plan. To keep you from making that mistake, the Essex Junction estate planning attorneys at Unsworth LaPlante, PLLC explain when and why you need to update your beneficiary … [Read more...] about Is It Time to Update Your Beneficiaries?
We always hear of how an overlooked detail can wreak havoc to even the most carefully prepared plan and why your estate planning lawyer is your best insurance policy against those small errors. A perfect example is the beneficiary designation form. This week, we explore the many ways this one form can cause problems. The Misleading Simplicity It seems as though it’d be simple: fill out the form, get the proper signatures and then file it away with the rest of your estate planning documents. … [Read more...] about The Beneficiary Designation Form
Divorce is a major life event that can alter the effectiveness of your estate plan. If you’re considering divorce, there are steps you need to take before, during and after to protect your estate. Before Check with your estate planning attorney or your divorce attorney about any community property laws in your area. While you can disinherit a spouse in your will, the law remains the same. Which means your spouse could still inherit an augmented value of your estate. Augmented refers to … [Read more...] about Estate Planning for Divorces
If you have minor children, you’ll have to get creative to give them their inheritance because the courts don’t allow beneficiaries to inherit property if they’re under 18 years of age. To make sure your children receive their inheritance, you have three options: Restricted Accounts – A restricted account—such as a 529 account—can be used to leave money for your child’s education. If you use this type of account, your child can only use her inheritance to pay for her education. If she … [Read more...] about Options for Leaving Money to Your Children