As the year winds down, many of us are caught up in holiday planning and New Year's resolutions. While you're reviewing your goals and plans for the upcoming year, don't overlook an important task: scheduling an estate plan review. Just like you wouldn't neglect an annual health check-up or a regular car service, reviewing your estate plan is a crucial practice for maintaining your financial health and peace of mind. Why an Annual Review Matters Think of your estate plan as a living, … [Read more...] about Schedule an Estate Plan Review with the New Year Approaching
Many people shy away from estate planning, either because it’s uncomfortable to ponder one's mortality or because it seems like a complex task. Whatever the reason, not having an estate plan can create complications that ripple across the generations. Let’s dissect the outcomes you expose yourself to when you procrastinate or completely ignore estate planning. Rolling the Dice: Intestacy Laws Take Over If you don’t leave a will or a trust, your estate automatically falls under state intestacy … [Read more...] about Estate Planning Neglect: Unraveling the Risks
You may think that estate planning is a do-it-yourself project, thanks to the array of online tools and forms available today. However, estate planning is far more complex than just filling in the blanks on a will template. Let's dive into why consulting an estate planning lawyer is not just recommended but essential. They Know the Law Inside and Out Laws governing estate planning are intricate and vary by state. An estate planning lawyer understands these laws and how they apply to your … [Read more...] about Is an Estate Planning Lawyer Really Necessary?
Caring.com conducts annual surveys to get a feel for the percentages of American adults that have estate plans in place. They release the results during the early portion of the year, and they have recently shared their 2023 findings. We will take a look at some of the important takeaways in this post. Overall Preparedness The percentage of adults with estate plans has remained constant for the most part over recent years with slight fluctuations. This time around, 34.1 percent of all people … [Read more...] about 2023 Caring.com Survey Reveals Widespread Estate Planning Unpreparedness
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 deal … [Read more...] about Postmortem Asset Transfers: Explore Your Options
Millennials are part of Generation Y, and at this point, they are between 25 and 40 years of age. Less than 30 percent of people in this age group have estate plans in place according to a survey that was conducted by Caring.com. The unprepared individuals are taking risks, and it is one thing if you are single and you have no children, but it is another matter when there are people depending on you. Estate planning is a must for responsible millennials, and we will demystify the process in … [Read more...] about Estate Planning for Generation Y
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?
If you were to have an informal conversation with an estate planning lawyer, you would learn a lot in a short period of time. With this in mind, we are going to share a hypothetical conversation between a curious layperson and an estate planning attorney. When should you start to think about developing an estate plan? A lot of people think you can wait until you are a senior citizen for a couple of different reasons. One of them is the simple fact that they don’t like to think about their … [Read more...] about A Conversation With an Estate Planning Lawyer
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?