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”
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”
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”
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