One interesting thing you’ll find when considering estate planning is that a lot of people haven’t done it yet. It’s not that they don’t think it’s important. They’re just planning on doing it at some hypothetical point in the future. One reason they’ll sometimes give...
When creating an estate plan, a power of attorney is a document that you can use to choose an agent who will act on your behalf. Although these can be used for many different purposes, they are often used either for medical reasons or for financial/legal reasons. In...
Adult children certainly can inherit their parents' assets. For instance, if your parents have made an estate plan, they may have left you and your siblings financial assets or tangible assets – like a small business or a family home. These things pass from one...
Estate planning allows individuals to leave a lasting impact through charitable contributions. This involves designating portions of an estate to be given to charities directly or through various estate planning tools like charitable trusts. Including charitable...
A DNR order is a “Do Not Resuscitate order. This can be used as part of an estate plan. A person who has a DNR order on file does not want to be resuscitated by medical professionals when they stop breathing or when their heart stops beating. This typically means that...
A lot of people who find themselves without a spouse in their senior years decide that they should add an adult child to their bank accounts. However, that can turn out to be a bad move. When you add an adult child to an account, they become the co-owner of whatever...
A well-thought-out estate plan can do wonders for your peace of mind and finances. Yet, each year, when people die, many of their families are left with problems because the deceased made mistakes with their estate planning. Let’s look at some of those mistakes: Not...
Creating your estate plan requires thinking about several aspects of your life. While many people focus on the assets they want to pass down to their loved ones, there are other considerations that you need to think about. A critical component of an estate plan is the...
Some testators know what assets they wish to leave for specific family members. Their children may have already requested certain resources or heirlooms, or testators may make choices based on meaningful memories that they share with their beneficiaries. Others don't...
What you decide to do in your estate plan is up to you, but that does not mean you should keep the details to yourself. Telling your family what you decide or consulting with them before you make it can pave the way for a smoother future. Here are some of the reasons...
