We all know what a Will is: a person states his wishes for who gets what when he or she passes away. Having a Will is, of course, is better than not having one … but it may be nowhere near as beneficial to you as creating an Estate Plan. Here are some very basic facts about Wills vs. other legal Estate Planning tools that are available to individuals and couples who want to leave as much as possible to their loved ones: A Will becomes a public document when a person passes, and it is subject … [Read more...] about A Will Alone vs. An Estate Plan: Why, When, How?
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
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?
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
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
Many people think that a power of appointment is a power of attorney; but, they are different estate planning concepts. In a power of attorney, the principal (i.e. you) authorizes an agent (i.e. trusted loved one) to act on your behalf when you are unable to act or it is inconvenient for you to act. Common types of powers of attorney are for health care, child care, and finances. On the other hand, a power of appointment allows a beneficiary to direct who receives the assets next. A general … [Read more...] about Likely, a Power of Appointment isn’t what You Think It is
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?
Your will won’t work. If you’re like most people, this is a bold and confusing statement. You know that everyone needs a will, but what’s the point in having one if it doesn’t work? Why won’t your will work? Your will won’t work the way you want because it doesn’t control most property. 1. Tangible personal property The term, “tangible personal property,” refers to what you call your “stuff.” It is your personal property such as your furniture, clothing, jewelry, art, and tools. It is … [Read more...] about Why Your Will Won’t Work!