A Will alone does not avoid probate because the probate court is required to oversee the transfer of property if you do not have a properly funded Trust. Some of the pitfalls of probate are discussed, including the possibility of multiple probates, and the actual cost of probate is detailed in this blog post.
As newlyweds, I bet you have spent a lot of time planning a life together and consolidating homes, so this is an ideal time to plan for your future life together as a couple. Leaving things to chance eliminates so many options when it comes to estate planning and can result in unintended consequences if you or your spouse should die without a valid Will or Trust.
If you want to save some time and money plus you dread the idea of your mental health or financial information being discussed in open court, you need to know which two documents can save you from court interference in the event of your incapacity and after death.
If your child is college bound, you have probably made several to-do lists to help prepare for the move but have you considered any estate planning? Your son or daughter is an adult now and there are 5 estate planning documents that experts recommend they have prepared.
Estate planning is more than just paperwork. Ultimately, you are demonstrating your love to those who will benefit from your planning. Here are several emotional reasons that you may not have thought about before. They can even help you strengthen family bonds if you embrace estate planning.
Giving your heirs their inheritance as a lump sum could end up enabling addiction or make successful treatment more difficult. Fortunately, there’s a better way. You can frame your estate plans in such a way that you’ll ensure your wealth has only a positive impact on your loved one during their difficult moments.
People often set up bank accounts or real estate so that they own it jointly with a spouse or other family member. he appeal of joint tenancy is that when one owner dies, the other will automatically inherit the property without it having to go through probate. Joint property is also perceived to be easy to setup, but joint ownership can also cause unintended consequences and complications.
In this article, get the answer to that question and discover what can really happen if you are relying on state laws to protect your spouse and children.
Since I have become mother, I could not imagine anyone else raising my sons. No one can do that better than me. However, it is very important to take a moment and decide who could be a capable of raising your children if you and their other parent where unable. Without estate planning, the person you believe would be the best candidate may never get appointed as your children's guardian. This list can help you decide who would be the best choice for your children.
Incapacity can be a temporary or permanent disability where you are incapable of making informed decisions about your finances and well-being. Having a comprehensive incapacity plan in place can prevent a court-appointed conservatorship. There are four documents that are crucial to have in place so that your loved ones can avoid court, be prepared, and can most effectively help you during your incapacity.