Most estate planning starts with a will. The legal document covers what to do with your assets and provides important direction on the care for minor children.
Although in the past it may not have been the norm to provide for animals in our estate planning, times have changed.
In terms of executor vs. beneficiary rights, there are several differences with regard to what type of authority each one has.
A type of education savings account called a 529 plan is just one of several tools families can use to prepare for the growing costs of higher education. While these plans can be beneficial for almost anyone since they let funds saved for education compound on a tax-free basis provided they’re used for eligible education expenses, individuals who live in states with special tax breaks for contributions tend to fare the best.
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).
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