Don’t neglect to update your estate plan. Drafting one is a great first step, but it can still become outdated in the months or even years following that initial draft. Updates may be needed to offer your family proper guidance and direction. But when should you...
By making the decision to put an estate plan in place, you’re not only helping ensure that your assets will be passed on the way you choose. You’re also making things easier on your loved ones in the aftermath of your death. For many people, that means taking steps to...
You may believe that once you have drafted and executed your will, your estate plan is complete. But a will is just one piece of an estate plan. A power of attorney works in conjunction with your will to provide you with a more comprehensive estate plan designed to...
When most people consider estate planning, they think about how their assets will be distributed to their loved ones. While this is certainly a major aspect of the estate planning process, it isn’t the only aspect that needs to be considered. For example, you should...
Parents often experience sibling rivalry when their children are young. Ideally, the children outgrow this as they get older and go on to have a strong relationship. But this isn’t always the case. In some situations, sibling rivalry will last into adulthood. It may...
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...
