An effective estate plan uses a collection of documents and teamwork to protect one’s assets and personal property. An effective estate plan also explains and carries intentions of how to pass control down to successors in the event of your absence.
If you do not learn from your mistakes, you are doomed to repeat them. In Estate Planning, if you do not learn from other’s mistakes, you are likely to repeat them.
A will is a legal document that spells out the distribution of your assets and how your children will be cared for at your death. Probate is a process used to prove a decedent’s will is valid and to supervise the handling of their estate.
A trust is a legal vehicle that allows a third party, a trustee, to hold and direct assets in a trust fund on behalf of a beneficiary. A trust greatly expands your options when it comes to managing your assets, whether you’re trying to shield your wealth from taxes or pass it on to your children.
In fact, many couples with no children mistakenly believe that they are less likely to need a last will and testament than couples with children.
A second marriage can be a balm for the heartache of losing a spouse, be it through death or divorce. Nevertheless, if there are children or other heirs involved, you should consider carefully what will happen with your money and possessions when you pass on.
Beneficiaries, in general, are people or entities that the holder of an account designates to receive the assets in the account, typically, in the event of the account holder’s death.
Estate planning is a cornerstone of any healthy financial plan, but it can be difficult to discuss.
Understanding what happens to your debt when you die is an important part of estate planning—and you don’t have to be rich to have an estate. Everything you own and owe makes up your estate. For many people, that includes a house with a mortgage.
Probate survives as a procedure originally implemented by the King of England to protect his citizens from themselves and their greed.
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