There are two main ways that you can set up a trust as part of your estate plan. First of all, you can leave specific instructions that the trustee has to follow regarding when they make distributions to the beneficiary. Secondly, you can just put the trustee in...
An “executor” is the term used for someone who will take control of the distribution of a person’s estate once they die. Choosing someone for this role is one of the most essential tasks when making your estate plan. Most people choose just one executor, (perhaps with...
If you’re fortunate enough to be able to leave your closest loved ones a sizable inheritance, you expect they’ll use it to provide things they may not otherwise been able to afford for their families – and for themselves. The sad reality is that on average, people...
A life insurance policy ensures that the next generation will have substantial financial assets at their disposal. Many parents see this as a way to provide financial security for their adult children and grandchildren. For instance, you may have purchased a life...
If you are planning your will, then it can help to understand what happens after you pass away. The executor of the estate is responsible for following your last wishes during probate. Probate is a process that happens after you pass away, which gives your executor...
You’ve probably seen those online estate planning advertisements on TV or on the internet. You might consider using one rather than getting professional estate planning guidance. After all, you may do your income taxes online rather than going to an accountant. ...
A major component of wealth management is making sure that your estate is set up so it passes as much as possible to your beneficiaries. In some cases, this can mean having to take steps to control the value of the estate because of estate taxes. One option that you...
One potential problem you could run into when drafting your estate plan is that you think some of your money is going to be wasted by the beneficiaries. Perhaps you have a specific beneficiary who has problematic spending habits. They are constantly accumulating debt...
The Great Wealth Transfer is the unofficial name given to the shifting of assets from one generation to the next. We are currently at the point in the United States where the biggest wealth transfer of all time is about to take place. In the next two decades, $84...
When creating your will, you want to minimize the risk of a will contest or challenge to your final wishes. Will contests often result in prolonged legal battles that strain family relationships and drain estate resources? Fortunately, you can take proactive steps now...