During times of high stress such as tragedy or emergency, we tend to feel helpless. This article explores how a comprehensive estate plan helps reduce anxiety in uncertain times. Read on to learn more. … [Read more...] about Estate Planning Reduces Stress During High Anxiety Times
Estate Planning
Can You Revoke Your Trust?
When you are planning your estate, you should understand your options so you can make fully informed decisions. With this in mind, a lot of people make assumptions about trusts that are not accurate, and the matter of revocability is sometimes misunderstood. Irrevocable Trusts There are in fact trusts that you cannot revoke under most circumstances. If you establish an irrevocable trust, you cannot act as the trustee, so you would not control the trust. This is called “surrendering … [Read more...] about Can You Revoke Your Trust?
Estate Planning: Have You Covered All Your Bases?
Some people are under the impression that the only estate planning document you need is a will. This is a very shortsighted perspective because there are other considerations that will enter the picture if you want to plan your estate properly. Asset Transfers The idea that a will is the right choice for most people should be tossed out the window. In reality, the majority of people with a reasonable store of resources would be better served by the utilization of a revocable living … [Read more...] about Estate Planning: Have You Covered All Your Bases?
Can You Revoke Your Trust?
When you are planning your estate, you should understand your options so you can make fully informed decisions. With this in mind, a lot of people make assumptions about trusts that are not accurate, and the matter of revocability is sometimes misunderstood. Irrevocable Trusts There are in fact trusts that you cannot revoke under most circumstances. If you establish an irrevocable trust, you cannot act as the trustee, so you would not control the trust. This is called “surrendering … [Read more...] about Can You Revoke Your Trust?
These Steps Will Lead to the Ideal Estate Plan
A lot of people do not have estate plans in place because they simply do not know where to start or what to do. With this in mind, we are going to share some steps that you can follow to create a framework. Inventory Your Assets The first order of business will be an asset inventory because you have to identify what you expect to be able to pass along to your loved ones. This would include family heirlooms and other personal possessions that are meaningful to you. Another element that you … [Read more...] about These Steps Will Lead to the Ideal Estate Plan
Can You Establish a Trust for a Dog?
You may have heard about celebrities like Leona Helmsley or Oprah Winfrey that created estate plans that left millions of dollars for their dogs. It can seem like something that is in the realm of the rich and famous, but ordinary people can be interested in pet planning solutions. Senior Loneliness Imagine the situation that you may be in when you start to reach an advanced age. Your spouse may pass away before you do, and after retirement, you will not have daily interactions with your … [Read more...] about Can You Establish a Trust for a Dog?
When Should You Use a Trust Instead of a Will?
A lot of people assume that a will is the best estate planning tool to use if the situation is not extremely complex. In reality, a trust of some kind can be preferable under a number of different circumstances, we will look at a handful of them in this post. Protecting a Spendthrift Heir Let’s say that you have a son that is not good with money. He has come to you for bailouts over the years, and you are concerned about the way he will handle his inheritance. If he spends all the money too … [Read more...] about When Should You Use a Trust Instead of a Will?
Four Tips to Help You Prevent Estate Challenges
A contested estate can create a nightmarish scenario for your family, so you should take the appropriate steps to prevent problems before they happen. With this in mind, let’s look at some tips that should help you facilitate a smooth estate administration process. Take Action to Put a Plan in Place When it comes to the difficulty level of the administration phase, the worst thing you can do is nothing at all. If you die intestate or without an estate plan, the probate court would be forced to … [Read more...] about Four Tips to Help You Prevent Estate Challenges
Revise Your Estate Plan Before It’s Too Late
Estate planning is not a “one and done” endeavor. It should be viewed as an ongoing process, because your initial estate plan will be based on your life at that time. The only constant is change, and life events will invariably trigger the need for estate plan updates. In addition to the provisions that are obviously necessary, you should review your estate plan with your attorney periodically to address events that are out of your control. As a layperson, you may not follow legislative … [Read more...] about Revise Your Estate Plan Before It’s Too Late
On a Plane With an Estate Planning Lawyer
You board a plane for a cross-country trip, and you settle into your seat. A woman sits down next you, and you exchange pleasantries. After you have been in the air for a while, you start to have a conversation. It turns out that she is an estate planning lawyer, and she is willing to talk about her job. For the next few hours, you have the ability to ask her questions. In this post, we will share a hypothetical exchange of this nature to give you some insight into the estate planning … [Read more...] about On a Plane With an Estate Planning Lawyer
