Creating an estate plan is one of the most important things you will ever do, as well as one of the most personal. Your estate plan should reflect your values, wishes and needs. Therefore, there is no one estate plan that is ideal for everyone. Each should be unique...
Year: 2021
How a trust can improve a life insurance policy
Many parents who do not have wealth or assets to spare purchase life insurance policies to prepare for the worst-case scenario where they do not live to raise their children. This proactive step along with a will is a good start, but it does have its downsides due to...
Common reasons for will contests
You can never fully prepare for how the people in your life will react to your death. The hope is that everyone will respect your planning and distribute your estate according to your wishes. Even after careful estate planning, it is possible that a will contest may...
Holding the personal representative liable for breach of duty
Between the death of the decedent and the closing of the estate, its assets and debts are under the management of the personal representative. This could be an individual, a professional or even a financial institution. If beneficiaries feel that the personal...
Who are the key figures in your plan?
When creating your estate plan, you will likely have several notable figures within it. It is important to understand who these are and what role they play in your overall estate plan. For example, some figures will have an active role. Others play a passive role. But...
How should you prioritize your estate plan review?
Crafting your estate plan can take years at a time. Reviewing it is not always an easy task, either. This puts some people off, despite the importance of somewhat regular reviews. Fortunately, there are ways you can organize your estate plan review to make it easier...
What should you include in an advance directive?
An advance directive provides reassurance that you will receive the kind of health care treatment you want even if you become incapacitated. Having a plan in place can also provide your loved ones with direction to know how to respond to your medical needs during a...
What does an estate administrator do?
When someone designates you as the executor of his or her will, you become the personal representative, i.e., estate administrator, of his or her probate estate when he or she dies. As such, you will need to perform various duties in order to open, manage and...
3 things you should not include in your will
A will is an important document that outlines how you want to distribute property upon your death. For most people, the will is the foundation of their estate plan. According to the American Bar Association, the laws of distribution and descent determine who...
How do you empower your power of attorney document?
Even if you already have a power of attorney for your estate, time and changing laws may render the document powerless. How do you keep this from happening? Forbes shares tips for making sure your power of attorney remains effective over the years. Use these insights...