When doing their estate planning, some people face the conundrum of how to provide for heirs who are less than fiscally responsible. They want to offer them a path to financial security without the consequences of wanton spending. It’s a delicate balance between the...
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Estate Planning
When and why you should update your estate plan
A major part of the estate planning process that many people overlook is keeping documents up to date. Over time people may need to make alterations to serious considerations in their estate plan so documents still align with their last wishes. People may overlook...
How should you store your estate planning documents?
After drafting your will, living will, power of attorney, advance directive, guardianship designation and/or trusts, where can you keep them? How you store your estate planning documents matters. You want to keep them in a safe place. Here are four locations to...
The advantages of including trusts in your estate plan
When you hear the term "trusts," you may think of wealthy families, generational wealth, and "trust-fund babies." But the truth is that anyone with assets can benefit from forming trusts as part of their estate plan. Trusts offer flexibility and several advantages...
What is a power of attorney?
An estate plan focuses on a lot of matters relating to a testator’s passing. A testator’s will or trusts help instruct how their assets are managed and who should benefit from them. An executor of the estate is named to settle the testator’s estate. And a child...
Have you created a digital estate plan yet?
Creating a digital estate plan is an increasingly important concern when it comes to modern estate planning. Yet, many individuals have not yet taken the necessary steps to organize and secure their digital legacies. If you're among those who haven't created a...
When should you update your estate plan?
If you already have an estate plan, then kudos to you. Most Americans don’t have one. But, an estate plan is not something you can do one time and forget about it. It needs to be reviewed and updated to reflect your current life circumstances to be effective. Here are...
4 things you might include in an estate plan
Do you know what an estate plan is? Simply put, an estate plan is a guide about how to handle the testator’s final affairs and assets. People can make estate plans once they’re legal age, although many don’t make them until much later in life. Estate planning is a...
How a living will can help your loved ones
An unforeseen medical crisis or serious injury can leave you incapacitated and unable to communicate your medical preferences. In such a situation, your family will have to make difficult decisions about your health care. Should you remain on life support if there’s...
Should you include digital assets in your estate plan?
Part of estate planning is deciding who will receive your assets after you die or become incapacitated. It involves determining how an individual's assets will be preserved, managed and distributed after death. However, one thing most people fail to consider is their...