An increasingly important part of estate planning in the modern world involves a kind of property that does not exist in any physical sense. This type of property, known collectively as “digital assets,” includes a variety of personal assets that may make up a substantial part of a person’s estate. But what exactly are digital assets, and how are you supposed to make an estate plan around them? Continue reading “Planning Your Estate to Account for Digital Assets”
Category: Estate Law
When Should You Consider a Living Trust?
A living trust, also known as an inter vivos trust, is not the most well-known estate planning tool available. For some people, a living trust can be an essential tool for protecting their wealth and minimizing the potential problems that can arise during the probate process. Here are a few questions you should ask yourself to see if a living trust is right for you: Continue reading “When Should You Consider a Living Trust?”
When is it Time to Update Your Will?
There are plenty of people who have prepared their Last Will and Testament and believe they have done everything they need to do for their loved ones and secure their estate. The more time passes, the more essential it is to revisit your Will and make sure it is kept up to date. Here are just a few reasons why it might be time to update your will: Continue reading “When is it Time to Update Your Will?”
Common Mistakes in Estate Planning for High Net Worth Individuals
While estate planning is a complex process for anyone, it can become even more complicated if you have a large number of assets to manage within your estate plan. Unfortunately, many high net worth individuals fail to anticipate the complications that such large estates can cause, resulting in legal and financial problems for themselves and their heirs. Here are five common mistakes high net worth individuals make when planning their estates: Continue reading “Common Mistakes in Estate Planning for High Net Worth Individuals”
Digital Assets in Estate Planning
When most people talk about estate planning, they concern themselves mostly with money or physical assets: their homes, their cars, their bank accounts and family heirlooms. Without realizing it, they may be excluding an entire class of assets. Digital assets will also need to be accounted for and distributed in an estate plan. Here are a few things to keep in mind when accounting for your digital assets in your estate plan:
Five Ways to Avoid Legal Problems With Estate Planning
If you are getting older or have a chronic illness, you may have spent time thinking about what would happen to your loved ones if you were to pass away, or if you could no longer take care of yourself. Despite these concerns, you may have put off estate planning. By planning your estate properly, you can protect yourself and your loved ones from serious legal difficulties.
Here are five ways estate planning can benefit you and your family: Continue reading “Five Ways to Avoid Legal Problems With Estate Planning”
Five Reasons You Should Consider a Trust for Estate Planning
Although not the most widely known or understood estate planning tool, a trust may be extremely helpful for your personal needs. While a will might be fine for some, the advantages of a trust can be preferable for some estates. Here are five major reasons you should consider a trust for your estate planning needs: Continue reading “Five Reasons You Should Consider a Trust for Estate Planning”
What Does it Mean for a Will to Lapse?
When someone dies with a Last Will and Testament, their property is distributed in accordance with what the Will states. While preparing a Will can be a complicated and stressful process at the best of times, if not properly drafted, your wishes might not be realized when distribution of the Will occurs. For example, if a beneficiary under your Will has already died when distribution of your estate assets occurs, the issue of lapse will arise. Continue reading “What Does it Mean for a Will to Lapse?”
Five Ways to Protect Your Estate Through Your Will
If you are planning your estate and writing your last will and testament instead of using a Trust, the last thing you want to worry about is who might try to attack your estate when you are no longer around to defend it. However, if you are not careful, the distribution of your estate can become a massive debacle as family members and creditors all fight for a piece of the pie. If you decide to use a will instead of a Trust to distribute your estate, here are five ways you can use your will to protect your estate from this kind of chaos: Continue reading “Five Ways to Protect Your Estate Through Your Will”
SECURE Act Could Have Major Impact on Your Retirement Account
The “Setting Every Community Up for Retirement Enhancement” Act (SECURE Act) was signed into law this past December, and it has potential ramifications for anyone who has a retirement account. In particular, it will have significant ramifications for anyone engaged in estate planning whose retirement accounts may disburse payments after they have passed away. As such, anyone trying to plan their estate with a retirement account should be aware of the impact the law might have on you and your loved ones. Continue reading “SECURE Act Could Have Major Impact on Your Retirement Account”
