Any estate that has a will has an executor. The executor is the person that is in control of representing the estate while it goes through probate. Typically, the writer of the will nominates an executor at the time of writing. The executor makes sure that any taxes...
estate planning
What would happen to your estate if you died today?
If you have an estate plan in place, then you probably know what would happen if you died today. But for those who do not have a plan, the state will step in. What happens may not be exactly what you would wish. For this reason, it is imperative to create an estate...
What are the dangers of an outdated estate plan?
Estate planning is an ongoing process that involves strategizing and making decisions about your end-of-life desires. Allowing your plan to stagnate can have a detrimental impact on your future. When you know the dangers of an outdated plan, you can put provisions in...
Reasons you may want a dynasty trust in your estate plan
If you have a significant amount of wealth and want to ensure it passes down through generations of your family, you can implement a dynasty trust into your estate plan. Some assets you may name in a living trust, placing them under the ownership of a beneficiary...
How can you use wills and trusts together in your estate plan?
When creating an estate plan, many people think that if they have a trust, they do not need a will and vice versa. Wills and trusts can accomplish similar goals, but they can also work together to create a better estate plan. According to CNN, even if you have a...
Why would you use an irrevocable trust?
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...
How can you identify life insurance beneficiaries clearly?
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...
Can you place a condition on an inheritance?
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...
Some basic differences between wills and trusts
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...
Differences between living wills and health care directives
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...