Estate plans are made up of many parts, including wills and trusts, as well as any additional documents or information that will help beneficiaries carry out the requests of the benefactor.
A badly in debt woman dies leaving the proceeds of substantial insurance policies to her children only to have her trust contested by relatives who claim an amendment naming the children as beneficiaries is invalid with no witnesses, misspelled names, suspicious signatures and was never given to previous trustees for review as required by agreement. A long, expensive, and protracted legal battle likely is brewing.
A frequent complaint by next-generation members is that the senior generation never fully lets go of business tasks.
Locking away certain valuables and important documents in a bank vault could turn into a headache for you or your heirs.
The future is uncertain. However, you can ensure that your family and loved ones are taken care of with estate planning. Estate planning is a critical component of financial planning for the future.
Various types of property, such as bank accounts and real estate, can be owned jointly with another person(s).
Today’s high estate and gift tax exemptions could be slashed in a few years. Maximize those and other benefits now.
The main responsibility of an executor of a will is to carry out the final wishes of the person who bestowed that position of trust.
Before making a decision on a beneficiary, it’s very important to check your state laws. Some states have different rules on who you can name as a beneficiary.
At any given time, the average American maintains between 30 and 50 online accounts. These may be with banks, financial institutions, utility companies, email providers, social media outlets, commercial shopping or travel sites and accounts unique to technology, such as an account to purchase apps for a smartphone.
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