Imagine being too sick or incapacitated by an injury to manage your finances or make medical choices. Without a plan, your family could face costly court battles just to step in and help. Planning for incapacity ensures your wishes are honored and gives your loved...
Estate Planning
What to consider when naming an executor
Choosing an executor is one of the most important parts of creating an estate plan. An executor is responsible for managing your affairs after you pass away. They must follow your instructions, pay your debts and distribute your assets. An executor is a fiduciary....
An estate plan should address major debts
There are certain estate planning considerations that most people recognize. Parents with young children may decide to create estate plans specifically to ensure the safety and well-being of their children. They provide financial support and name a guardian. Those...
One way to keep funds out of probate
When someone passes away, their estate typically goes through probate. This is the process of distributing assets. If there is no estate plan, the distribution is done in accordance with state law—this is known as dying intestate. If there is an estate plan, then the...
Preparing your beneficiaries for their inheritance
It's vital to prepare your beneficiaries for their inheritance. Anyone receiving a large inheritance or assets that could majorly affect their financial standing can make costly mistakes. But you can help your loved ones avoid such mistakes by preparing them. Here is...
It is best to keep your will up-to-date
You carefully crafted your will years ago, ensuring your wishes were clear. But what about the life events that followed? Is your will still an accurate reflection of your intentions? Keeping your will up-to-date is crucial for peace of mind and ensuring your loved...
Are you worried about how your heir will spend their inheritance?
When crafting your estate plans, you want your assets to provide a safety net for your loved ones, help fund their future goals or give them a boost in life. However, you may be concerned about how your heirs might handle a substantial sum, especially if they do not...
3 common mistakes when choosing a guardian for your minor child
As a parent, one of the most loving acts you can do for your child is to make sure that you have a plan for them in case something happens to you before they’re grown. That means getting your estate plan together and choosing someone to nominate as your child’s legal...
A large inheritance can potentially do more harm than good
People enjoying their retirement years frequently make choices based on not just their own comfort but also on a desire to leave a legacy for their loved ones. Providing children, spouses and even grandchildren with practical support is a common goal for aging adults....
What happens if I do not have an estate plan?
Dying without a will is called dying “intestate.” When a person dies intestate, they do not have control over how their assets are managed or distributed. Intestate can create many problems for your family and friends – yet, it is estimated that over half of U.S....