For as long as estate planning has existed, confusion and misunderstandings about the process have appeared. Part of the issue may be that the internet is so large, which makes it harder to stop estate planning myths. Here are a few myths about estate planning that...
Estate Planning
4 ways to use an incentive trust
An incentive trust is a legal document that can be included in an estate plan. This kind of trust allows a grantor to control how their assets are used with the use of clauses. A beneficiary may need to meet the conditions of a clause before they can gain any funds...
What are an executor’s responsibilities
Who settles your estate after you pass away? This role is typically left to the executor of the estate. The executor is anyone you trust to manage your assets and distribute them to beneficiaries. But, this role is not that simple. The executor of the estate is...
Integrating long-term care into your estate plan
When creating an estate plan, many older adults consider the implications of a nursing home stay and how it may impact their finances and their children’s inheritance. They worry that the need for long-term care will take all of the assets they spent a lifetime...
Having advance directives is good – keeping them fresh is wise
Good for you if you have already made advance healthcare directives a priority in your estate plan. You have taken the first step in controlling your medical care even if you become incapacitated and cannot speak for yourself. To better ensure your healthcare...
When should your will be updated?
A will is a legal document that allows you to pass on instructions as to how your assets should be divided upon your death among your heirs and other beneficiaries. A will can also include guardians to look after your young children. Drafting a will is not a one-time...
Who is the right estate executor for you?
When you draft an estate plan, one step you have to take is to choose an estate executor or an estate administrator. Your estate plan itself provides instructions for your family. The estate executor is the person you’ve put in charge of going through the...
Even young adults need a digital estate plan
Most of today’s young adults grew up electronically connected to the world. As such, most young adults each boast a significant digital footprint that includes everything from social media accounts to online banking, email and even virtual currencies. This shift has...
Why address sentimental items in an estate plan?
When you start making an estate plan, odds are that you will think of your most valuable assets first. Who gets the family home? How do you divide up a life insurance policy? What happens to your investment portfolio or your bank accounts? It is important to think...
4 Mistakes to avoid when drafting an estate plan
Making an estate plan is one of the best decisions you can make to ensure your assets are distributed according to your wishes and your loved ones are taken care of after you're gone. It is therefore important to ensure that everything is done right to avoid...