As discussed in our previous blog post, there are many things to consider when creating an estate plan for the first time. If you’re thinking about starting your planning, you will want to make careful decisions so that your needs are met and your family is protected. Take a look at the remaining 9 things to remember when creating your estate plan. If you have any questions, or if you’d like to begin your estate plan, meet with an estate planning attorney. Don’t forget to consider emergency … [Read more...] about 9 Things to Remember When Creating Your Estate Plan (part 2 of 2)
9 Things to Remember When Creating Your Estate Plan (part 1 of 2)
Are you just getting started with your estate plan goals? If so, you will need to plan carefully so that all of your needs are met. It’s important to stay informed throughout the process so that you fully understand the estate planning documents that you are creating. Take a look at the following 9 things to remember when creating your estate plan. This guide will help inform you of the essential things when creating your plan. If you have any questions about how to begin your estate plan, … [Read more...] about 9 Things to Remember When Creating Your Estate Plan (part 1 of 2)
What are Trusts?
Trusts are legal tools to used in estate planning. They give instructions on what should happen, how it should happen, and when it should happen. It may be helpful to think of a trust as a “legal instruction book.” Each trust has a “Trustor” or “Grantor”, the person who sets up and funds the trust; a “Trustee,” the person who legally holds title to the trust assets and is in charge of carrying out the instructions in the trust; and the beneficiaries who receive trust assets according to the … [Read more...] about What are Trusts?
When to Revise Your Will
Though a will is commonly thought of in association with death, it is really a vital tool in helping you plan for the future. Even once you have a valid will, you are never completely finished with your estate plan; wills need to be updated as your life changes. There are a number of reasons why you would likely need to make changes to your will throughout your lifetime. Death of a Beneficiary – If someone named in the will as a beneficiary or the will’s executor has died, you will need to make … [Read more...] about When to Revise Your Will
Your Important Estate Planning Questions (Part 3 of 3)
Last, but not least, this is the third part of our “important estate planning questions” series. An essential part of the estate planning process is getting your questions answered and your concerns addressed. Below you will find answers to many of your estate planning questions, but you are likely to have additional questions as well. Be sure to consult with a qualified estate planning attorney. What mistakes do people make when doing their estate planning? Common mistakes include: Not … [Read more...] about Your Important Estate Planning Questions (Part 3 of 3)
Your Important Estate Planning Questions (Part 2 of 3)
This is the second in our three part “important estate planning questions” series. An essential part of the estate planning process is getting your questions answered and your concerns addressed. Below you will find answers to many of your estate planning questions, but you are likely to have additional questions as well. Be sure to consult with a qualified estate planning attorney. When is a living will effective? Your living will is only effective in end-of-life situations where you are … [Read more...] about Your Important Estate Planning Questions (Part 2 of 3)
Your Important Estate Planning Questions (Part 1 of 3)
An essential part of the estate planning process is getting your questions answered and your concerns addressed. Below you will find answers to many of your estate planning questions, but you are likely to have additional questions as well. Be sure to consult with a qualified estate planning attorney. Also, be sure to check out parts 2 and 3 of this article. I’m married, why is a power of attorney necessary? While spouses frequently sign their spouse’s name, it is not legal to do so. You … [Read more...] about Your Important Estate Planning Questions (Part 1 of 3)
How Estate Planning Avoids Family Feuds
When a loved one becomes sick or dies, family feuds often erupt. Estate planning can prevent many family feuds. Up-to-date estate planning documents Up-to-date estate planning documents go a long way in making your intent clearer and reducing squabbles. Communicate your estate planning goals and decisions Let your loved ones know that you are doing estate planning. You may want to hold a family meeting at home or in your attorney’s office. This is especially important in a blended … [Read more...] about How Estate Planning Avoids Family Feuds
Ethical Wills and Love Letters
Ethical wills and love letters aren’t legal estate planning documents, but they can be just as important. They are really two words for the same thing: letting your loved ones know how you feel about them. One individual, a 44 year old physical therapist, still has scraps of paper that he found after his father’s death 23 years ago. On these small scraps of paper, in his father’s handwriting, were words of praise and a description of how important his son was to him. These scraps of paper … [Read more...] about Ethical Wills and Love Letters
Michigan Man Leaves Controversial Legacy, Part II
In Part I of this post, we discussed the estate planning of a Michigan man who left the vast majority of his fortune in trust to be distributed to his great-great-grandchildren and more distant descendants. This estate planning left him with a legacy of disaffected children and grandchildren, lawsuits, and no idea whether his heirs would use the wealth wisely. What questions should he have asked in doing his estate planning? As it turns out, they are the same questions everyone should ask. … [Read more...] about Michigan Man Leaves Controversial Legacy, Part II
