You may have heard that it is important for adults to create an estate plan and to keep it updated. This is certainly true. But, it’s tough to make that goal a reality if the idea of estate planning is a murky one. By better understanding what an estate plan is, you...
Estate Planning
Reasons to switch your child’s legal guardian designation
As a parent with a young child, you need to have a specified legal guardian named in your estate plan. This can help to ensure that your child will be cared for in the event that something happens to you and the child’s other parent. There are various reasons why you...
What to include in your estate plan for your children’s welfare
Since life can be so uncertain, you should go the extra mile to help safeguard your children’s well-being. Do you know the most critical elements you can incorporate in your estate plan to secure your children’s future? Planning your estate with your kids in mind can...
3 common estate planning mistakes
Estate planning is essential in preparing for the future. It helps ensure that your loved ones are cared for, and your final wishes are implemented. However, without the proper knowledge, you may find yourself making mistakes that can have significant consequences....
Why don’t some people make an estate plan?
People don’t always make an estate plan, even though they know that it can be helpful. When they pass away, an estate plan can be used to divide their assets between their beneficiaries. Additionally, estate plans can help with things like making future medical...
What is a Totten trust?
A Totten trust, which is a type of bank account, can be part of estate planning. You can set this up at your financial institution and name a beneficiary for that account. You can choose virtually whomever you want as the beneficiary. Some people choose family...
Do you need a Letter of Intent for your estate plan?
When it comes to estate planning, many individuals focus on wills, trusts and other legal documents. However, one often overlooked but valuable addition to your estate plan is a "Letter of Intent." However, you may wonder if this Letter of Intent is necessary. Does...
3 tips for talking to your children about your estate plan
Estate planning is a sensitive matter. In addition to stating your wishes and following the required legal steps, you may need to talk to your children about your estate plan. But how can you approach this matter? Here are three tips to help you: 1. Determine...
4 estate planning questions to ask
You’re considering making your first estate plan. Estate planning can be greatly rewarding for you and your loved ones. However, estate planning also has a lot of moving parts. You may need to ask yourself several questions before drafting your first estate plan. 1....
Protect your heirs after you are gone
If you are doing your estate planning, you may find that some decisions are more challenging to make than others. For instance, suppose you have a much-loved beneficiary who just never learned how to properly manage their money. They may have filed for at least one...