A life estate is a legal arrangement that allows property ownership to be divided between two parties: the life tenant who creates the life estate and the remainderman. Such an arrangement can be beneficial for many, enabling them to retain use of the property while...
Estate planning is associated with several myths. And one of them is that one has to be rich to have a will. It's not uncommon for people to postpone estate planning because they believe their estate is not "big enough." So, how wealthy should one be to draft an...
If you are in a committed relationship with a partner but have no plans to marry, you’ll need to take some important estate planning steps if you want to ensure that they’re able to inherit any of the assets that the two of you don’t jointly own. They’ll need to do...
A lot of people make the mistake of thinking that estate planning is only about leaving assets to loved ones. While this certainly makes up a significant part of the estate planning process, it’s not the only issue that you need to take into consideration. You should...
When you had your first child, you did two things: You wrote a will and you bought a life insurance policy. You put most of your assets into the will, perhaps instructing them to be transferred to a trust and held for your child if you passed away before they turned...
You may have an estate plan that clearly outlines your final wishes, but choosing the right executor is just as crucial. Get it wrong, and your carefully made plan could be thrown in disarray. First, it helps to understand just what an executor does to see the...
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...
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...
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 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...
