With most bank and investment customers receiving financial statements electronically instead of on paper these days, your estate plan should include providing your executor or trustee with your important passwords when you die. Kiplinger’s recent story, “Your Estate Plan Isn’t Complete Without Fixing the Password Problem,” says that having online access to investments is a great convenience for us. We can monitor bank balances, conduct stock trades, transfer funds and many o
There are many reasons to have a Living Trust. Living trusts (also called revocable trusts and revocable living trusts) are a great estate planning option for people who own real estate or any significant investments, for those with more complicated family situations (including concerns of an heir who may challenge their estate plan), those with concerns of diminished capacity in later years, or those who simply value privacy over their affairs and want to ensure a smooth and
Estate planning is a very personal process. If you’re childless, it’s actually much more important to have an estate plan than you might realize. When a person has no children or close relatives (other than perhaps a spouse), the decisions needed to create an estate plan can be overwhelming. Kiplinger’s recent article, “No Children? Why You Still Need an Estate Plan,” provides some ideas: Incapacity Planning Documents Everyone should have an advance healthcare directive and a
Estate planning is something new parents need to put at the top of their must do list. I know you may be sleep-deprived, overwhelmed, and frazzled. But don’t let that become an excuse to put off your estate planning. Having a child dramatically changes one’s estate plan and makes having that plan all the more necessary, says ThinkAdvisor’s recent article, “5 Legacy Planning Basics for New Parents.” Create a checklist—and set attainable dates to complete the items. Here are fi
If you own a gun or are a gun collector, although you likely have heard the term “gun trust,” you may not know what it is, how it works or how it can be of use in an estate plan. Kiplinger’s recent article, “Own a Gun? Careful: You Might Need a Gun Trust,” explains that a gun trust is the common name for a revocable or irrevocable trust that’s created to take title to firearms. Revocable trusts are used most often, because they can be changed during the lifetime of person who
Estate planning is fairly easy to do. That said, it is also very easy not to do (as evidenced by the statistics on the subject). Therefore, it is helpful to understand the reasons why putting together your estate plan is so important. Awareness of the importance of estate planning can help propel you into action. Investopedia’s recent article, “4 Reasons Estate Planning Is So Important,” says you should consider the following four reasons why you should have an estate plan.
This is never a decision to be made lightly, but we do live in a world where families aren’t always as perfect as their holiday cards. Some blended families never really blend, addictions create huge challenges for families and some individuals are simply family in name only. In that case, says Next Avenue in the article “How to Disinherit a Family Member,” you may choose to disinherit someone. The first step is to work with an experienced estate planning attorney who practic
If you’re concerned about family conflict after you pass away, you must have an estate plan to minimize that potential for conflict by making your wishes clear and legally documented. Unfortunately for families, most people (whether they are concerned about conflict or not) never get around to estate planning. In fact, research shows that about 60% of U.S. adults don’t have even a simple will. For those that do have a will, they often fail to recognize that not all of their p