A solid estate plan can include a will or a trust or both. The right approach depends upon each client's particular situation. A basic understanding of what wills and trusts accomplish helps individuals determine what route to take when planning for the future. Key...
If you are someone with significant wealth, you might have concerns about how your children will spend their inheritance, particularly if they come into it shortly after becoming legal adults. You are not alone in your worries. Other families have dealt with this...
Some individuals may assume that a living will only authorizes an agent to act on their behalf during a medical emergency. The Centers for Disease Control and Prevention notes how the document may detail an individual’s preferences concerning life-sustaining...
Many family members find themselves scrambling when it is time to pay for a funeral, whether they expect a death or not. That sort of financial pressure on top of your loved ones' grieving is something that smart preparation may help avoid. According to the National...
A solid estate plan goes beyond a simple will. Planning for the event that you become unable to communicate is also important. In addition to making your wishes clear, each of these documents also involves assigning responsibility to a person of your choosing who will...
Naming an executor is an essential aspect of a solid estate plan. This person is responsible for carrying out numerous tasks, including paying creditors, locating assets, and dispersing inheritances. Your selection must have certain qualities to carry out these tasks...
Many families may see estate planning as a task that they perform once. However, a family's circumstances may change over the years. People should update their will so that it always reflects their current situation. There are several reasons why families may need to...
If you have a trust as part of your estate plan, then you will need to name a trustee. The trustee is the person who will manage the trust assets and ensure everything goes smoothly according to your wishes when you die. However, SmartAsset explains the trustee's...
An estate plan can help you visualize your goals for the future. You can identify what you want for your surviving family members and describe your expectations for the dissolution of your assets. Finding a strategy that works for your family will take time. In fact,...
Many people do not consider planning their estate when they purchase a house. Young homeowners do not always consider the future, but this is understandable during the excitement and months of preparation. However, once you settle into your new home, you should start...
