There is no universal, one-size-fits-all plan. At the same time, some of the documents in a complete estate plan are necessary for everyone. In this post, we will provide clarity that will help you cover all of your bases appropriately. Asset Transfers All estate plans will arrange for postmortem asset transfers. However, there are different documents that can be used to facilitate the distributions. A will is one option, but a trust of some kind will be a better choice for a wide range of … [Read more...] about What Documents Are in a Complete Estate Plan?
There is a difference between good estate planning and an uninformed, hope for the best DIY approach. When you work with our firm to develop a properly constructed plan, your wishes will be carried out correctly, and your family will benefit. In this post, we will look at the advantages, and we will follow up with a second installment. Effective and Efficient Asset Transfers A will is usually not going to be the best choice as an asset transfer vehicle unless the situation is extremely simple. … [Read more...] about What Can Good Estate Planning Do for You? (Part 1)
You should work with a licensed estate planning attorney to help you prepare your plan for a number of different reasons. One of them is the simple fact that there are many different ways to go about it, and the right choice will depend upon the circumstances. If you are not aware of all the options that exist and the reasons why one asset transfer method may be preferable to another, you can make mistakes. While you will not be around to see the outcome, your loved ones will be forced to … [Read more...] about Postmortem Asset Transfers: Explore Your Options
There is an exercise that is often used during group training sessions. The facilitator hands someone a story written on a slip of paper, and it is passed along via confidential whispers person to person. When everyone has been informed, the last person to hear the news is asked to tell everyone what they were told. In the end, the facilitator reads the original statement word for word, and it is clear that the details were distorted as the story was passed down. This kind of thing enter … [Read more...] about Don’t Buy Into These Estate Planning Myths
Unfortunately, the vast majority of American adults are unprepared from an estate planning perspective. You would expect younger people to be remiss, but they are not alone. Just under 50 percent of older folks that are 55 years of age and older have wills or trusts. If you pass away without a will or a trust, you would die intestate, and we will take a look at the way that an intestate estate is handled in this post. Probate-Free Asset Transfers When a will has been executed, the document … [Read more...] about What Happens If You Pass Without a Will?
We are conditioned to think that we can do just about anything on our own with some type of tool that we obtain online. This mentality extends into the estate planning realm, because there are websites that sell generic legal documents of all kinds, including simple wills and trusts. Why would people rely on these sketchy “solutions” that sound too good to be true? The popular website Caring.com conducts research on an ongoing basis to gauge the estate planning preparedness of American … [Read more...] about Can I Get My Estate Plan Online?
The majority of people do not have estate plans in place, but a survey that was conducted by Caring.com found that most of the same folks know that estate planning is important. Why do they fail to take action? There are various reasons including the simple fact that many of them don't know where to begin. With this in mind, let's look at the basic framework. Legacy Preservation The first aspect of the process may come as somewhat of a surprise. Before you start to think about how the … [Read more...] about Estate Planning: Where Do You Begin?
Studies are conducted on an annual basis to gauge the estate planning preparedness of American adults. Though passing away is one of the two certainties of life as the saying goes, the vast majority of people in our country are going through life without any type of estate planning documents at all. There are different reasons why they fail to take action, but one of them is the simple fact that they do not know how to begin. The process seems a bit overwhelming, so they resolve to do it … [Read more...] about Estate Planning Simplified
Estate planning should not be viewed as a one and done affair. When you put an original estate plan in place, it will be based on a snapshot of your life at that time. The only constant is change, so it is very likely that your plan will need to be revised over the years. Let’s look at some of the events that can make estate plan adjustments necessary. Marriage When you are young and single, you should have a basic estate plan in place even if you have limited resources. The plan would … [Read more...] about Estate Plan Revisions May Be Necessary
A lot of people think that estate planning boils down to one simple act. At some point, you draw up a will and that’s the end of the story. You can buy a fill-in-the-blank legal documents online, so you can get it done in a matter of a few minutes. DIY projects have their place, but there are some tasks that are too important to take on yourself. Let’s look at some of the reasons why it is wise to engage an estate planning lawyer when you are planning your estate. Asset Transfer Methods The … [Read more...] about Why Do You Need an Estate Planning Lawyer?