A trust is a powerful estate planning tool, and there is more than one way to create a trust, including… Totten Trusts When you wish to create a simplistic trust with a relatively small amount of cash, some people choose to create a Totten Trust, which is also referred to as a Payable on Death, or POD, account. A Totten Trust is a relatively simple arrangement since there is no detailed trust agreement, but rather a simple form provided by many financial institutions that allows you to … [Read more...] about Three Ways To Create a Trust
The Importance of Using Your Estate Plan to Appoint a Guardian
Many parents put off their need for an estate plan. However, as a parent, it’s important to plan as soon as possible so that you and your family are protected throughout life. One of your most important decisions is the naming of a guardian. Naming a good guardian ensures that your children will always be in good hands. Take a look at the example below to better understand this important estate planning need. If you have any questions, or if you’d like to begin your estate plan, consult with … [Read more...] about The Importance of Using Your Estate Plan to Appoint a Guardian
Estate Litigation: Who can Contest a Will?
We certainly hope that our loved ones will accept our final wishes, but unfortunately, disagreements and old hurts can make an appearance during such an emotional time. When someone is left out of a will, or feels he or she did not receive a fair share of an estate, that person may contest the will based on one or more of the following: The testator, the person who had the will created, lacked the capacity to make a will. Another person had undue influence over the testator; There was fraud … [Read more...] about Estate Litigation: Who can Contest a Will?
I’m Thinking of Creating a Will…How Will it Help Me?
A will is one of the most basic and important estate planning documents. If you’re just getting started with your estate planning, you may be considering implementing a will into your plan. However, you may be unsure of the benefits of a will. Take a look at the information below to learn more. If you have additional questions or if you’d like to create a will, contact an estate planning attorney. What is a will? A will is a legal document that allows you to appoint a guardian for the care … [Read more...] about I’m Thinking of Creating a Will…How Will it Help Me?
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
Just Say “No” to Codicils
A “codicil” is an amendment to a will and they have been used for generations and generations. They are common place. Why are they still used? Because they’ve “always” been used, and what kind of reason is that? When wills were hand-drafted 25 page documents, codicils made sense. When wills were hand-typed, codicils made sense. In today’s word of word processing, codicils often don’t make sense. If you would like to make a change to your will, by all means, do so. Common changes would … [Read more...] about Just Say “No” to Codicils
Do I Need a Will or a Living Will?
You’ve probably been told at some point in your life that you need a will and a living will. While these legal documents are an important part of planning, it is important to understand what each document offers. Take a look at the following guide to learn the importance of both a will and a living will. If you don’t have either in place, consult with a qualified estate planning attorney. What does a will do? A will is a legal document that you create during your lifetime. This document … [Read more...] about Do I Need a Will or a Living Will?
I Have a Will. Is That Enough?
A will is an essential part of estate planning. If you already have a will in place, you are one step ahead of many people. While a will can allow you to choose how some of your assets will be distributed after your death, who will manage and distribute those assets and who will care for your child if you die, there are many things that a will can’t do. Take a look at some of the examples below. If you only have a will, it is important to create a full estate plan with the help of an estate … [Read more...] about I Have a Will. Is That Enough?
Will Fact Sheet
There are many different estate planning documents. A will is an important estate planning document that can help to properly plan your future. If you want to learn more about the importance and need for a will, some information is below. To incorporate a will into your estate planning or if you have any further questions, consult with an experienced estate planning attorney. Everyone needs a will! Everyone over the age of 18 should have a will. A will can always be changed as long as you … [Read more...] about Will Fact Sheet
How Can a Will Help Me?
Everyone needs a will! A will is an important estate planning document that is used to decide what happens to your assets after your die. But, there’s more to a will than the distribution of assets. A will can help survivors in a number of ways, including: 1. Appointing an executor With a will, you are able to appoint an executor (trusted helper.) It is a good idea to appoint an executor who is organized, keeps good financial records, and is able to communicate well. This trusted helper … [Read more...] about How Can a Will Help Me?
