While a will is the most basic and common component of any estate plan, it does have several flaws. For example, a will might be contested for several reasons, such as the discovery of duplicate wills or the suspicion of undue influence. And, beneficiaries often have...
Your family business likely culminated from years of hard work and dedication. As such, it's only fitting to prioritize its protection and smooth transition to your heirs when making your estate plans. Without proper planning, family businesses can be vulnerable to...
When making an estate plan, many people stop with a will. While wills can help instruct how an estate should be distributed and who should benefit, there are some disadvantages to wills. For example, an estate may be subjected to estate taxes if a will is used. And,...
Inheritances can bring about life-changing opportunities and financial security, but they also come with often unexpected challenges. When children receive a substantial inheritance, they might encounter various emotional, psychological, and practical hurdles. Below...
When you are a parent, a huge part of estate planning tends to focus on the needs of your minor children. Most parents find it very difficult to contemplate the idea that their children might grow up without them, so the decision about who to name as their children’s...
Estate planning is a lifelong process, but many people don’t realize that. Many testators don’t regularly update their estate plans, which causes issues for heirs who can't interpret the testator's intent particular when, for example, the people appointed for certain...
When you think about what you want to protect with an estate plan, you might not realize just how much you have. Valuable or significant assets, like homes, jewelry, and cash, certainly come to mind, but even after all the property is distributed and your debts are...
Modern is typically not a word you would use to describe an estate plan. However, it could be one worth considering if you want to ensure others can carry out your wishes in the future. What is a modern estate plan? In many ways, a modern estate plan is the same as...
If you have put forth the time, thought, and effort to create an estate plan, you want to know that others will carry out that plan when the time comes. However, that may not happen if administrators or loved ones run into problems accessing your plan and supporting...
Thinking about what will happen to your estate and end-of-life plans isn’t necessarily the most pleasant topic for discussion with your adult children, but it can be a critical one. Before having this discussion, prepare by considering the participants’ personal...