You’ve worked hard to create your family business, and you want your legacy to last. That means thinking ahead and actively participating in succession planning. Preparing your heirs for their future roles in your company can be the best way to secure your family’s...
Picking a guardian for your child is one of the crucial decisions to make during the estate planning process. Your minor child can't take care of themselves if you become incapacitated or die. They need someone to make decisions on their behalf. But who should you...
Disinheriting someone means cutting someone out of your will who would normally inherit and, therefore, has a reasonable expectation of receiving some portion of your estate. For instance, perhaps you are a parent with three children. They all equally expect to...
The details included in an estate plan can give people closure and ways to benefit from a legacy carefully crafted by a testator before their death. Yet, when people are unhappy with someone's will, that can cause conflict among family members. Disputes about estate...
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...