When researchers delve into the subject, they find that most Americans do not have estate plans in place. A lot of these people know that planning is important, and in fact, this has been measured by surveys. One reason why they stay frozen in inaction is because they do not know where to begin. With this in mind, we will provide a simple step-by-step approach that you can take to initiate the inheritance planning process. Take Stock of Your Assets The first order of business will be to … [Read more...] about A Step-By-Step Approach to Inheritance Planning
A lot of people think that estate planning boils down to one simple task. You take a little bit of time to record your final wishes in a will, and the matter is closed. All you have to do is buy a worksheet online and fill in the blanks, and you are good to go. That may sound sensible on the surface, but in reality, it is a gross oversimplification. Let’s look at some of the reasons why you may want to engage an estate planning lawyer to help you put your plan in place. Make Sound Asset … [Read more...] about Why Do You Need an Estate Planning Lawyer?
They say that the only constant is change, and this is something to keep in mind when you consider the estate planning process. It is wise to put a plan in place as soon as you are a responsible adult with other people depending on you. Over the years, life will change, and the original estate plan will invariably come become outdated. Let’s look at some of the events that can take place that would trigger the need for an estate plan update. Additions to the Family We are providing a … [Read more...] about Don’t Take Chances With an Outdated Estate Plan
The general estate planning unpreparedness among American adults is considerable. Carrying.com monitors this subject on an ongoing basis, and they have found that the numbers of people that have estate plans in place are decreasing year-by-year. In the 2020 survey, only 47.9 percent of survey respondents 55 years of age and older had estate plans in place. As you might imagine, the lack of preparedness was greater among younger adults. Just 27.2 percent of individuals between the ages of 35 … [Read more...] about Estate Planning Procrastination Is Dangerous
Most people do not have a full understanding of the reasons why you should plan your estate in a particular way. The ideal course of action will depend upon the circumstances so you should be careful about making assumptions. Individuals who go forward without the right information often make mistakes that yield negative consequences. In this post, we will look at three common estate planning traps to avoid. DIY Estate Planning There are websites that sell generic, boilerplate legal … [Read more...] about Three Estate Planning Traps to Avoid
Caring.com conducts surveys periodically to keep a finger on the pulse of the estate planning preparedness of Americans. The results are never encouraging, but things are actually getting worse. Their latest survey that has been conducted this year has found that the number of people who have a will or another estate planning document in place has decreased by 25 percent over the last three years. At this time, just 32 percent of adults in the United States have made the appropriate … [Read more...] about Estate Planning: Emotions Often Lead to Inaction
A lot of people think that legal advice is not necessary when it comes to estate planning because it is a very simple endeavor. You take a few minutes to draw up a will when you are old and gray, and that’s the long and short of it. People that adopt this perspective assume that trusts are only for the wealthy. In reality, this is a gross oversimplification. It is true that there are certain types of trusts that are used by affluent individuals who are exposed to estate taxes. However, there … [Read more...] about Choose the Right Inheritance Planning Tools
When you are a single parent, you must take action to put an estate plan in place. There is absolutely no way that you can responsibly go through life without making provisions for the well-being of your children if you were to pass away. This is true regardless of your age. Of course, we all expect to watch our children become adults in their own right, but there are no guarantees. Individuals pass away in accidents and due to sudden catastrophic health conditions each and every day. As sad … [Read more...] about Estate Planning Is a Must for Single Parents
Most American adults do not have any estate planning documents in place, and this is true even for those who are 50 years of age and older. The popular website Caring.com conducted a survey that compared the estate planning preparedness of American adults in 2019 and 2020. This year, they have found that 47.9 percent of people who are 55 years of age and older have estate plans. Last year, the number was 60 percent, so we are trending in the wrong direction. Young adults are much less … [Read more...] about Estate Planning Is a Must in the COVID-19 Era
Potential estate challenges should be taken into consideration when you are planning your estate. If you know that there is someone close to you who will not be happy with your decisions, don't ignore the potential fallout. Yes, you have the right to make your own choices, and you will not be around to hear any negative feedback. That being said, a disgruntled individual could potentially issue an estate challenge which could bring the administration process to a standstill. Even if it is … [Read more...] about Will Your Estate Be Contested?