When it comes to the tools you can use to plan your estate, you have several options. One such tool is the irrevocable trust. Of the five main types of trust you can use to organize your estate, an irrevocable trust is perhaps the least practical. When you create an...
Taking out a life insurance policy is one way to provide for your family in the event of your death. After you die, your beneficiaries will receive the benefits from your policy without the need to go through probate. However, as the Insurance Information Institute...
As you write your will, you may have concerns about how your beneficiaries will use the assets they inherit. You might even have considered placing certain conditions on their inheritances. In California, it is generally legal to include a conditional bequest in your...
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...
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...
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...
