Estate planning comprises a meticulous process that undertakes planning for situations where a person wouldn’t be able to make their own decisions due to a disability or in the case of their passing. The term estate refers to the property one might own; both tangible and intangible. Your property could be hard cash, bank accounts, property, cars, jewelry, insurance, retirement, investments, savings, etc.
Bequeathing assets to heirs / beneficiaries or an institution and planning for incapacity remain main reasons for planning. However, that’s not all estate planning is limited to. Under this umbrella term, there are various other details that can be defined and elaborated.
You also decide on a power of attorney that can make financial decisions and carry out tasks such as paying bills, settling debt, legal or business decisions, and manage an investment portfolio. When carried out with an estate planning attorney, it can be used to reduce or eliminate taxes.
Here you’ll find yourself perusing through a plethora of articles that could be your resource when you’re learning what planning is all about. You can begin by understanding the bare bones of planning and make your way up, studying different types of planning tools, what mistakes to avoid, what myths to not believe, and more.
Death doesn’t discriminate – it comes to everyone. However, on average, men die earlier than women. Women live longer than men, though their earnings might not be that much compared to men. Whatever the case, women have special needs when it comes to estate planning. As a lady, when is the last time you sat…
Building a collection takes years of dedication, time, and genuine passion. Whether your collection is filled with the most stunning renaissance artworks or McDonalds’ Kids Meal toys, creating an estate plan that dictates what happens to these items can ease your mind. Death is Inevitable Everyone dies. Bottom Line. You cannot escape death. Often times,…
When you read the dailies or listen to news, you will come across instances when a person has contested a will that was written by a deceased person. Of late, there has been an increase in the number of wills being disputed. A death in the family can turn out to be a blessing or…
The probate process is a safeguard to your estate. If you are departed and there is no one to execute your succession on your behalf, then the probate sees to it that things are done according to your desires. It is a process that is handled by an impartial court so that they can look…
Up until a few years ago, estate planning was regarded as a general term – with seniors and millenials understanding the concept the same way. Times have changed rapidly. As time goes by and lifestyles change, research has found out that the estate planning needs for millenials are totally different from the needs of other…
At first glance, estate planning can seem quite simple, but there are many things that one must consider. Many of these topics require re-analyzation as variables change. Follow this list to help clean up your estate plan! When you pass away, the executor of your will can have more than 100 tasks to completely settle…
You often hear the term “trust” when a topic on estate planning comes up. Many people ignore it, thinking it is meant for people with “deep pockets”. This isn’t the case. As long as you have property that you need to transfer to another person or an organization, you need a trust. This trust makes…
When you are in good times with your spouse, you will not even think about an estate plan, but when divorce happens, you have to update the plan. Updating your estate plan after divorce is a good way to move on. If you pass away without updating the plan, the judge will use the current…
Coming up with a trust for your loved ones is easy, because it is just a legally binding agreement that you draft. The hard part is making sure you have something to offer in the trust. The aim of a trust is to transfer property to your beneficiaries or someone else upon your death. When…
If you are have an estate planning case in court and you need representation, then you ought to work with a qualified lawyer that understands your needs. If the attorney doesn’t offer competent legal representation when you need it, then your case might go down the drain. Many people end up regarding all lawyers to…