Naming a beneficiary is a crucial step in estate planning. It promotes your wishes after you’re gone, streamlines inheritance, and spares your loved ones undue stress.
Discussing estate planning with your aging parents is vital to protect their wishes. It can be a hard conversation to start. However, it’s still necessary.
Learn the critical reasons why a will alone is insufficient for a comprehensive estate plan, and why incorporating trusts, beneficiary designations and incapacity planning is essential to ensure a seamless and protected transfer of your assets to your loved ones.
A living trust (also called a revocable trust or revocable living trust) can be beneficial to a much broader group of Americans than most people expect.
A highly successful estate-management strategy for avoiding inheritance disputes is to make a meticulously detailed and legally sound will.
If you want to exclude someone from the will, is it best to leave them a dollar so they can’t challenge being excluded? Can you put in a provision that if they challenge the will, they lose everything?
In my experience, estate planning is one of the areas of personal finance with the most widespread confusion. Unfortunately, this can lead to costly mistakes in time, money and stress on people’s families.
A trustee is a person or entity who’s appointed to manage assets held in trust on behalf of a third party. There are few formal restrictions on who can serve as a trustee.
When planning your estate rarely will you experience difficulty naming your initial beneficiary or beneficiaries for your will, IRA’s or life insurance.
There are better—and often more creative—ways to plan and divide that can avoid family squabbles over cars, jewelry, furniture and household items.
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