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It is highly likely that you will be at least somewhat familiar with the purpose of a last will and testament, even if you do not yet have one in place. Living trusts, however, are lesser-known, but they can also play a crucial role in an estate plan. Living trusts...
Emotions may run high when your will is being read out among your beneficiaries, as some may feel shortchanged. This can lead to a will contest that may drag on for a while and delay its execution. Given that a will reflects your last wishes, you want to avoid a...
Do you want to have a say on what will happen to your estate when you pass on? Do you want to prevent the government from determining the fate of your assets? If your answer to these questions is yes, then you need to have an estate plan. An estate plan is a document...
Did you know that estate plans, and the legal documents included in them, could help you protect your assets from bankruptcy during your lifetime? If you ever end up thinking about bankruptcy, you may note that there is a potential to have to liquidate your assets or...
It isn’t at all uncommon for someone to name one or more of their beneficiaries as the executor or co-executors of their estate. This is particularly true when parents name an adult child as both their heir and the executor of their will. There are pros and cons to...
If you have worked hard all your life, you may have acquired significant assets and properties you intend to leave to your heirs. But you are unsure if these heirs are well-equipped to be a good steward of all you worked so hard to obtain. Many otherwise upstanding...
As a business owner, it’s clear that your most valuable asset is that business. When doing your estate planning, you may start thinking of ways to leave the business to your children. On the whole, this process is known as business succession planning, and it’s...
Blended families are very common in modern America. Perhaps you got married, divorced, and then remarried to someone who also had children from a previous marriage. This is a great way for children to have a unique and vibrant family life. But what does it mean for...
Life insurance may play a major role in your estate plan. You want to make sure that your policy pays out to your heirs, who can then use it to cover costs or just view it as an inheritance. That’s fine, but remember that your life insurance policy stands on its own...
Have you ever heard of someone leaving a single dollar to an heir in their estate plan? It sounds a bit confusing, as if they’re just wasting their time. They clearly didn’t want to leave the person anything, so why take the time to plan out how to leave one dollar?...
