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One reason that people give for not making an estate plan is that they do not think they are wealthy enough. They may believe that estate plans are only for those with over $1 million in assets, for example. Without a significant windfall, they think it just does not...
The execution of someone's estate typically requires the probate process. Probate allows the executor to settle an estate's debts and distribute the remaining assets to the beneficiaries. However, probate is not always preferred -- for multiple reasons. The process...
When you get older, discussing crucial topics, such as estate planning, with your parents becomes necessary. But what if your parents have not brought up the subject? Can you ask them to talk about their estate plan? It's not uncommon for children to ask their parents...
If you were to think about what assets your estate plan should cover, you would probably think of any real estate you own, the contents of your bank accounts and other financial investments. There are other things you might not consider, however, that are equally...
Among the many reasons why some couples in long-term relationships choose not to marry is that they don’t want to deal with all of the documentation and bureaucracy that comes with becoming legally married. There are, however, some documents that committed, unmarried...
As you work on your estate plan, you decide that you want to address future medical decisions. You know that there is always a chance you could become incapacitated. You could be injured in a car accident or have a stroke, for instance. You never know what the future...
Making a plan about who you want to receive what after you pass away is important for adults. The best way to do this is to get the estate plan in order. Getting this set up requires a multifaceted approach. One option that you have is to set up and fund an...
Many people experience different emotions when drafting an estate plan. It's not easy preparing for incapacitation or death. Nonetheless, you can manage your feelings and, in turn, smoothen your experience. Here is how you can do this: Accept your emotions Estate...
Preparing a last will and testament is a critical step in managing your estate and ensuring your wishes are honored after your passing. You may hear or read about more than one type of will, each serving different purposes and addressing various aspects of estate...
A Payable On Death (POD) account is one way that you can transfer assets to a beneficiary upon your passing. As such, it’s something that you may consider setting up while doing your estate planning. But it is much different than a will or a trust. With a POD account,...