Everyone should have an estate plan specific for their needs. It is important to have a basic understanding of estate planning, even if you decide to use an estate planning professional. Since you can’t expect any verbal requests about your estate to be enforced, everything has to be “in writing.”
Beneficiaries are the primary focus of your last will and testament and/or trusts set up in their behalf. These are the people or groups (such as a charitable organization) you choose to inherit part or all of your estate after your death You can list the name of a beneficiary, but you can assign a […]
Beneficiaries are the primary focus of your last will and testament and/or trusts set up in their behalf. These are the people or groups (such as a charitable organization) you choose to inherit part or all of your estate after your death You can list the name of a beneficiary, but you can assign a […]
Like the end of life, taxes are also inevitable when your estate is passed on. There are five ways your estate may be taxed after you die, three of which will be paid by your beneficiaries and two by your estate. Tax Description When Assessed When Due Payor Gift Tax A tax on any gift […]
Once you have detailed your assets, chosen beneficiaries and executors or trustees, and decided on how to disperse your assets, you should choose the most effective ways to accomplish and document the estate plan. Here is a checklist of the tools, documents, information, and measures that you need to make estate planning more efficient, especially […]
Most people assume that their close relatives will inherit only what is left to them in the will. However, when it comes to your spouse and descendants this may not be true. There are inheritance laws that regulate their rights to inherit your property. These inheritance laws are complex and have two major consequences. You […]
Since probate is an important issue in estate planning, you will see the word probate come up a lot. Information about the probate process will be needed to help you better understand some of the details of estate planning. Probate is simply the legal process where the court or a judge verifies your will and […]
Before finalizing an estate plan, you should consider whether or not you will share it with others. It can be difficult for some people, especially the elderly, to share all this financial and estate information while they are alive. When to share the plan is also something to consider carefully. Everyone who has access to […]
