What are the consequences if you don’t arrange a will before passing away? Everything about the fate of your estate will be out of your hands and your assets are distributed to your next of kin (i.e. your closest family members) even if that is not what you wanted. In other words, any non-family member or charity you would have wanted to be a beneficiary would not receive anything. In the case that you have no next of kin, your assets are taken by the state.
Updating Your Will Updated: January 15, 2024 Creating a New Will Revoking a Will Altering a Will Using Codicils (Addenda or Additions) Creating your will is only half the work. You must keep it up to date with any changes that will alter your estate plans. You may need to add a few things or […]
Guardians and Conservators Updated: January 12, 2024 Choosing a Guardian Your Children’s Guardian Guardianship of Incapacitated or Disabled Persons Tasks of the Guardian Ending a Guardianship After you pass away and you either have no surviving spouse or your spouse dies at the same time, there may be minor children or other dependents such as […]
Pour-over Will Updated: January 3, 2024 Unlike other wills, the pour-over will is not a stand-alone document. It is meant to be used along with a trust as a safety net and to do things a trust cannot, such as naming a guardian for your children. A pour-over will can be used as a way […]
Will Options for Couples Updated: January 3, 2024 Mirror Will Mutual or Married Will The Joint Will While an individual will gives you complete control of your wishes after you die, committed couples creating two wills can sometimes be an expensive process. There are other forms of wills that you and your partner can consider […]
Twenty-five states are “categorically needy” or “income cap” states where Miller Trusts can be used to qualify for these benefits. Miller Trusts may be called Medicaid Income Trusts, Income Diversion Trusts, Income Cap Trusts, Irrevocable Income Trusts, Income Trusts, d4B trusts, or Income Only Trusts. Some states require that you be 65 years or older […]
Your Personal Representative/Executor Updated: January 11, 2024 Choosing an Executor Tasks of an Executor The Estate Account Digital Executor A personal representative, also know as an executor, is the person or persons you name to settle your will. They have the most important role in seeing that your estate is handled according to your directions […]
What Should be Included in a Will Updated: January 2, 2024 Your Beneficiaries Your Choice of Executor/Personal Representative Your Choice of Guardians for Minor Children or Dependent Adults Your Assets Your will should include basic personal information such as your full name, birthdate, and address. You should include any other names you go by, as […]
Doing it Yourself Updated: January 12, 2024 A Summary of the Will-making Process Making Sure Your Will Is Valid When to Get Help Other Things to Consider Attorneys and other estate planners do not come cheaply, so when it comes time to make your last will and testament, can you go it alone? Doing it […]
Last Will and Testament The last will and testament is a major part of an estate plan and will ensure that the estate is settled according to your wishes. While there are other steps in estate planning, the will is the primary document to guide the process of settling an estate for most people. The […]
What Should Not be Included in a Will Updated: January 2, 2024 All last will and testaments will need to go through the probate process, but that does not mean all of your assets do. Those assets that do not need to be included in your will are known as non-probate estate assets. There are […]
Limitations of Wills Updated: January 14, 2024 While your will legally allows you to protect certain personal assets and specify your wishes after you die, there are certain things you won’t be able to do with your will. There are some practical limitations, but the primary drawbacks are that the content of your will is […]
