An estate plan goes beyond a simple will; it is a comprehensive strategy for managing personal affairs and distributing assets after death. While death is an unpleasant topic, having an estate plan can ensure that individuals have peace of mind knowing people will...
Estate Planning
What happens when a will includes a no-contest clause?
When a loved one dies, settling his or her estate can be stressful. Family dynamics can be complicated, and your inheritance may not be what you expected. If you believe your loved one was not of sound mind or was under undue influence from another party while writing...
What are common signs of power of attorney abuse?
A power of attorney grants one person the right to act as an agent on behalf of another, whom the law calls the "principal." Unfortunately, cases occur where the agent abuses that authority. In such instances, family and friends may be the principal's only means to...
What is the difference between revocable and irrevocable trusts?
Trusts are legal arrangements that allow individuals to transfer assets to another person or entity for the benefit of a third party. There are two main types of trusts: revocable and irrevocable. Here are some of the key differences between the two: Revocable trusts...
What qualities should you look for in an executor?
When you create a will, part of this process involves naming someone as the executor of your estate. This person is responsible for handling your affairs after you die and making sure the court adheres to the terms included in your estate planning documents. According...
What is a funeral trust and should I have one?
In addition to the overwhelming feeling of loss after the death of a loved one, the financial burden can add extra stress to the grieving family. The National Funeral Directors Association found that the median cost of an adult funeral in 2021 was nearly $8,000. To...
Who should be your child’s guardian?
Your will is the foundation of your estate plan and where you likely started the estate planning process. This legal document lets you dictate how you want to divide your property after you die. According to the CDC Foundation, while creating your will, you can also...
3 tips to avoid a contested will
The point of a will is to ensure that the administrator of your estate carries out your wishes after you die. Not wanting someone to attempt to invalidate your will is understandable. Some people attempt to avoid will contests by including no-contest clauses. However,...
What should prompt you to update your will?
A will is a legal document that outlines how to distribute your assets after you pass away, and if you have minor children, it gives you the opportunity to name a guardian. A will is the foundation of an estate plan, but many people have yet to create one of these...
Tips for disinheriting an adult child
When it comes time to craft your estate plan, your first thought likely is not about disinheriting anyone. However, it is not as unusual to do so as you might think. If you are considering disinheriting one of your children, it is important to consider the decision...
