As you grow older, planning your estate becomes increasingly important, especially for anyone with substantial assets that will need to be distributed once they pass on. While most people focus on writing a will when thinking about estate planning, there are other options available that can help you manage your assets and ensure they pass down to your loved ones when you’re gone. For example, some may wish to consider the potential benefits of a testamentary trust when planning their estate. Continue reading “Considering the Benefits of a Testamentary Trust”
Why You Should Consider a Residuary Clause
When you write your last will and testament, there are many things you need to keep in mind. You need to keep track of all your property so it can be properly dispensed to your heirs, you need to decide who will inherit, and you need to make sure your will is reasonably up to date. However, even someone who is diligent about updating their will can miss things, which is why a residuary clause can be so helpful. Continue reading “Why You Should Consider a Residuary Clause”
Reasons to Consider a Living Will
It is difficult enough to discuss what will happen when we pass on, but it can be even more difficult to discuss what should happen if we become incapacitated while still alive. Despite this, however, that possibility is always present, and it is worthwhile to examine what options you can take to prepare yourself and your loved ones for that possibility. One such option is known as the living will. Continue reading “Reasons to Consider a Living Will”
Considerations for Planning Your Estate
Everyone, at a certain point in their lives, needs to consider what will happen when they must face the end. Life cannot go on forever, but you can at least make sure that your loved ones are taken care of after you’re gone. To properly plan your estate, however, you need to think about more than simply who will receive your things after you’re gone. Continue reading “Considerations for Planning Your Estate”
Learning How to Trust the Trust
When people hear the phrase “estate planning,” chances are the first thing that comes to mind is writing a will. And while writing a last will and testament is an essential part of estate planning, it’s not the only thing you can do to plan for your estate. For example, one often overlooked instrument is the trust, which can be a handy legal tool for anyone trying to plan their estate. Continue reading “Learning How to Trust the Trust”
New York Advanced Care Directives
When thinking of estate planning, many people think only about drafting a will. But a comprehensive estate plan can include many components, such as advanced health care directives. Advanced health care directives are legal documents aimed at ensuring a person’s wishes are being fulfilled even when they are unable to make an independent decision due to their advanced age or poor health. Many people may be familiar with an advanced directive known as a Do Not Resuscitate order, however this article will focus on two other common forms of advanced care directives in New York State: living wills and health care proxies. Continue reading “New York Advanced Care Directives”
Survey Finds Family Conflict Is the Leading Threat to Estate Planning
A survey of estate planners recently released by TD Wealth found that the No. 1 threat to estate planning for the second consecutive year is family conflict. Forty-six percent said it was the leading challenge, followed by market volatility (24 percent) and tax reform (14 percent). Continue reading “Survey Finds Family Conflict Is the Leading Threat to Estate Planning”
What Happens if Property That Is In My Will Is Disposed Of?
While the thought of preparing a Will may be off-putting, ensuring that your assets are protected and passed on to loved ones should be a concern of every individual. But what happens if you dispose of property in the Will after it is drafted? The key to solving such an issue is recognizing that not only should an individual draft a Will, they should also develop an entire estate plan for taking care of their loved ones. Continue reading “What Happens if Property That Is In My Will Is Disposed Of?”
Deterring Family Conflict May Go Beyond Basic Estate Planning
Oftentimes, parents will utilize an estate plan to protect finances and preserve their legacy for future generations. A Last Will and Testament is a legal document that a person can establish to express his or her wishes as to how their property and finances can be distributed after they pass away. While establishing a Last Will and Testament is an important aspect of estate planning, many parents overlook the need to address what will happen should a conflict over the estate arise. Continue reading “Deterring Family Conflict May Go Beyond Basic Estate Planning”
How DIY Documents Can Lead to an Estate Planning Mishap
With the ever-increasing use of technology, do-it-yourself (DIY) online services are becoming more common. Many people use DIY services to file their taxes, pay their bills, and apply for car insurance. Individuals choose to use DIY services because they believe it is a cheaper means to accomplish what they want to get done. However, when it comes to estate planning, the cheaper option isn’t always the best. Continue reading “How DIY Documents Can Lead to an Estate Planning Mishap”
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