Typically, if you list someone as a beneficiary in your will, they get their inheritance when you pass away. There can be a bit of a delay as the estate goes through probate. The estate executor has to do things like inventory all of the assets and pay off financial...
Year: 2025
Why do young adults need their own estate plans?
Many people think of estate planning as a retirement-related undertaking. Others associate estate planning with parenthood or the acquisition of specific, high-value assets, such as a home. Older adults and those who have achieved certain life milestones absolutely...
Will automatic stay remain active during holidays?
The holiday season can be particularly challenging when you are experiencing financial difficulties. With courts on limited schedules and many businesses closed, does bankruptcy’s automatic stay continue to protect debtors during holidays? Knowing how this protection...
How a living will differs from a power of attorney
Estate planning can be a useful way to address your medical future. It is not just about splitting up the assets that you own and passing them on to beneficiaries. You can also make plans that will assist your family and your medical team if something unexpected...
Can bankruptcy help people address tax debts?
People facing significant financial stress often turn to personal bankruptcy. Certain types of debts, such as credit card balances and medical bills, are eligible for discharge in bankruptcy cases. Other debts, such as mortgages or student loans, are not quite so easy...
3 common reasons to add a trust to an estate plan
Some people choose to replace wills with trusts, or to supplement the basic provisions of a will with a trust. Trusts are separate legal entities that control the assets used to fund them. A trustee administers the trust in accordance with the instructions provided by...
Who should you tell that your small business is going bankrupt?
Even with the best intentions and strategies, businesses sometimes face financial collapse. When cash flow dries up, debts mount and survival seems impossible, the word “bankruptcy” can feel like a personal failure. As daunting as it may feel, one of the most...
The difference between testamentary and living documents
There are many different types of estate planning documents, which people may find somewhat confusing. Some people put off planning or keep things as simple as possible by drafting a will and nothing else. Most estate planning documents fall into one of two main...
What happens to retirement savings during bankruptcy?
Saving for retirement takes decades of careful planning. Professionals need to set aside income regularly to supplement pension funds or Social Security retirement benefits. After all, they could live for 20 years or more without any employment income after retiring....
Moments that mark change: 4 life events for an estate plan review
Your estate plan is more than papers; it is a guide to protect your loved ones and your wishes. Many people create a plan and forget it, but major life events can make parts of it outdated or ineffective. Reviewing your estate plan after these four major milestones...
