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?
We often get questions about the most important estate planning document. Because so many people have made no preparations at all, they want to know where to begin. They figure that they should start with the piece that is absolutely essential and go from there. In a way, this makes sense, but there is no single answer that is right for everyone because primary estate planning objectives vary from person to person. What is most important for one individual may not be to the next … [Read more...] about What Is the Most Essential Estate Planning Document?
Estate planning is one of the basic responsibilities of adulthood, but studies that are conducted show that most people are unprepared for an event that is an absolute inevitability. There are some good reasons why you should consult with an estate planning lawyer if you have been ignoring the matter, and we will look at five of them here. Prevent Intestacy A lot of people are not too concerned about inheritance planning because they assume that the government will step in to take care of … [Read more...] about Five Reasons to Consult With an Estate Planning Lawyer
Any time you are involved in a complicated endeavor, it is wise to break it down step-by-step. This is certainly applicable to the estate planning process. In this post, we will take a brief look at the different relevant factors that you should take into consideration. Legacy Preservation One concern is making sure you have something to leave behind because you really don’t have to be too concerned about estate planning if you have nothing left to leave behind to your loved ones. How could … [Read more...] about Steps to Take Along the Estate Planning Process
Far too many people are remiss when it comes to estate planning. Unfortunately, the lack of action will often yield negative results when families are left behind to manage on their own. This is something that we see all too often, and the inaction is quite unfortunate because some simple advance planning can make all the difference. It is important to discuss asset transfer methods with an inheritance planning attorney because there is no one-size-fits-all estate plan. The ideal way to … [Read more...] about A Comparison of Common Asset Transfer Methods
A lot of people are under the impression that estate planning revolves around the creation of a last will. In reality, there are a multitude of different legal devices in the estate planning toolkit. Plus, this comes as a surprise to many people, but there are multiple types of wills. We will look at four different wills in this blog post to provide some insight. Last Wills Of course, the most commonly utilized estate planning document is the last will or last will and testament. You can state … [Read more...] about A Look at Four Different Types of Wills