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Home » Estate Planning » Page 47

What to do With Your Estate Plan When You Relocate

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When you relocate there are a lot of details to attend to, especially if your new home will be in another state. With so much to do it is easy to forget about your estate plan and how your move may affect it. If you intend to move to another state, you will want to update your estate plan after your move by contacting a local attorney experienced in estate planning law. Most of your estate planning documents will be valid in another state, but you could still run into some problems.  If you own … [Read more...] about What to do With Your Estate Plan When You Relocate

Potential Problems With Joint Tenancy

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People often share ownership of money and assets by putting someone else on an account or deed under Joint Tenancy. One of the main advantages of Joint Tenancy is that when one of the owners dies, the property will automatically go to the other owner, and there is no need for a will or probate. But there are disadvantages you should consider before putting someone else’s name on something. If you have a home and have listed someone as co-owner as Joint Tenants, you will not be able to do … [Read more...] about Potential Problems With Joint Tenancy

5 Estate Planning Tips

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Everyone over the age of 18 needs an estate plan and these five estate planning tips will help you to move forward with your own estate planning. 1. Find an experienced estate planning attorney who actually focuses on estate planning. Be sure it’s a main area of concentration for the attorney. Do not try to do your own estate planning. Doing your own planning is likely to cost you more in the long run than the professional fees. 2. Disclose all of your personal and financial information … [Read more...] about 5 Estate Planning Tips

Will Your Estate Plan Work if You Need Long Term Care?

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Even if you have an estate plan that works great for you now, and will work equally as well when you or your spouse passes away, this same estate plan may not work well when it comes to the need for long-term care because at the time the plan was established, long-term care probably was not the main concern. The current economy has only exacerbated the problem of long-term care expenses. Many people have lost a great deal of money while others have even lost their jobs. These financial … [Read more...] about Will Your Estate Plan Work if You Need Long Term Care?

Why You Should Put Assets in Trust for Your Children

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At one time, many people believed that leaving your assets in trust for your children was trying to maintain control from the grave. This attitude has shifted as more people have realized that a trust may be necessary to protect one’s children and grandchildren. Sometimes, it may be in a child’s best interest to not have complete access to the inheritance that was left to them. Here are a few reasons why you might want to consider putting your children’s inheritance into a trust: One of the … [Read more...] about Why You Should Put Assets in Trust for Your Children

Do You Need a Pour Over Will?

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If you establish a Living Trust you will probably need a Pour Over Will. This may be confusing to a lot of people because of the fact that the main reason to establish a Living Trust is to avoid the probate process, but often this specific type of will is needed. Basically, a Pour Over Will is a way to catch any property that might not be covered by the Living Trust. If everything that you own is included in the Living Trust then there is no need to have this type of will, but there is always … [Read more...] about Do You Need a Pour Over Will?