There are many different ways to make an estate plan. One to consider is a payable-on-death account (POD), also known as a Totten trust. These accounts can help you pass money smoothly and promptly to the people you want when you die. This can present some...
Estate Planning
Revocable or irrevocable: Which type of trust is right for you?
If you are considering creating a trust, you have some choices to make. Trusts come in several types and are highly customizable. When you are deciding which type is right for you and your family, you must consider your short-term and long-term goals. Living and...
Mistakes to avoid when creating an estate plan
Creating an estate plan is crucial to securing your financial future and ensuring that your assets are distributed according to your wishes. However, there are common mistakes that individuals often make during this process. This guide will discuss some of the most...
Have you included an incapacity plan in your estate plan?
Have you considered including an incapacity plan within your broader estate plan yet? Unfortunately, many people don’t fully comprehend the significance of integrating an incapacity plan into their estate planning strategy. And even when they do, they may not rush to...
Why talk to your family about your estate plan?
Once you have made an estate plan, you might believe you can just pat yourself on the back, safe in the knowledge that you have taken care of everything. However, like any plan, if you are the only one who knows about it, everyone else will be surprised to learn what...
What are the best practices of an attorney-in-fact?
Setting up a power of attorney involves appointing someone as your agent or attorney-in-fact. It is a role authorized to make financial or property-related decisions on your behalf under specific circumstances. Ideally, you already have a person in mind who can...
What if your chosen executor refuses the role?
Serving as the executor of a will is a challenging task. The executor is generally responsible for managing your assets after your death and carrying out the final wishes expressed through your will. They might also have to oversee your funeral arrangements and pay...
How do I remove the executor of my parents’ estate if I am an heir?
If one or both of your parents have chosen someone to be executor over their estate, most likely they thought long and hard before they actually chose that person to act as the executor. Not only is it an honor to be chosen as the executor of the estate but the role...
Three ways to maintain control over your assets in the long-term
If you’re worried about how your assets will be used once inherited by your loved ones, you should carefully think about how you can use your estate plan to ensure your assets’ longevity. Failing to do so could lead to your hard-earned wealth being squandered away or...
Transferring real estate through your estate plan
One of the most important things your estate plan can do is to provide for the transfer of your assets after your death. For some estate plans, this can be achieved through a will. For others, a more elaborate plan involving trusts and other tools may be necessary. As...