Posts Tagged ‘Will’

Most people use either a Last Will and Testament or a Revocable Living Trust as their primary Estate Planning instrument.  So what’s the difference?  Both instruments control the distribution of assets to loved ones upon death but the manner in which this happens is one of the main differences between these two documents. A Last […]

ANSWER:  One simple action that EVERYONE should take regarding Estate Planning is to Check Their Beneficiary Designations. Many people fail to change the beneficiaries named in their IRA or retirement plans. If you have been divorced and especially if you’ve remarried, don’t give your ex your hard-earned retirement savings. Make sure the beneficiaries on your […]

ANSWER: The mere passage of time has no effect on the validity of the will. Individuals and families experience life changes every 2 to 5 years. So even though a will remains valid, the individual and family’s needs change. Tax laws and statutes controlling wills and trusts change as well. – Your estate plan – […]

What If You Become Incompetent? Without a plan the courts pick the successor manager of your affairs With a plan you pick the successor manager of your affairs Who Raises Your Children? Without a plan a judge decides without the benefit of your insight With a plan you nominate the guardian of your choice How […]

ANSWER: No! There are times when titling a particular item of property in joint tenancy makes sense.  However, putting all your assets in joint tenancy, especially without proper planning, can be disastrous. Your joint tenant isn’t just a signer, he or she owns an undivided one-half (½) of your assets. Nothing prevents a joint tenant […]

Step 1. Ask yourself this question: “What are your most important values and priorities in connection with decisions about serious life-limiting health conditions?” Priorities, values, and goals of care change at different life stages. A healthy 18 year old may not have strong preferences, but every decade of life brings experiences such as the deaths […]

Estate planning isn’t only for the wealthy. If you have friends, family and an interest in charitable giving, you will want to provide for your heirs and the causes you care about. To create your estate plan, you will need to work with an attorney who specializes in wills, trusts or estate planning. Follow this […]

You have worked hard to accumulate assets throughout your life, but without a valid will or trust at your death, those assets will be distributed according to state law. Wouldn’t you rather determine that yourself? Including a bequest in your will or trust to individual beneficiaries may be the best way to make a meaningful […]

The image of the traditional American family—a mom, a dad and two children—has undergone an evolution in recent decades. Many modern families now include a mom, a dad, stepparents, stepbrothers and stepsisters, and half-brothers and half-sisters. The family structures and legal relationships within blended families introduce a layer of complexity that makes planning for  your […]

Estate planning is a key element in any financial/legal plan no matter what your age. And it really does matter when you are young. Estate planning allows you to decide how your assets should be distributed upon your death. Estate Planning For All Ages A word of advice to those under 50: young people die […]