Summer is winding down and if you are one of the lucky ones, you got to spend some time at a family vacation home. How do you make sure your children and grandchildren can enjoy that second home as much as you did?
Most people want to pass their assets to their children or grandchildren, but naming a minor as a beneficiary can have unintended consequences. It is important to make a plan that doesn’t involve leaving assets directly to a minor.
When planning your estate it is important to understand the difference between probate and non-probate assets.
Many people believe that if they have a will, their estate planning is complete, but there is much more to a solid estate plan. A good plan should be designed to avoid probate, save on estate taxes, protect assets if you need to move into a nursing home, and appoint someone to act for you if you become disabled.
Do you have a will? A durable power of attorney? A health care proxy? If not, why not? Failure to create an estate plan risks causing discord in your family for generations to come.
While a will is one of the most important estate planning documents you can have, there are things that a will won’t cover. A will is just one part of a comprehensive estate plan. A will is a legally-binding statement directing who will receive your property at your death. It is also the way you…
Your will is a legally-binding statement directing who will receive your property at your death. It also appoints a legal representative to carry out your wishes. However, the will covers only probate property.
Don’t assume your estate will automatically go to your spouse when you die. If you don’t have an estate plan, your spouse may have to share your estate with other family members. If you die without an estate plan, the state legislature has decided where your assets go.
There are lots of misconceptions about estate planning, and any one of them can result in costly mistakes. Understanding who needs an estate plan and what it should cover is key to creating a plan that is right for you.