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Estate planning is surrounded by many myths. One of them is that only necessary once you have a certain amount of wealth. But this is not the case. An estate plan is necessary even when you have only a few assets. Here is why: Estate planning protects the assets you...
There are numerous stories of stars dying without an estate plan in place. It puts their families in a difficult situation as they seek to determine ownership of assets the deceased owned and the future income they would generate. Yet, it is not just famous people who...
Someone needs to take charge of distributing your assets as laid out in your will. You can either make the choice yourself by naming an executor now. Or, if you don’t, the probate court will put someone in charge for you. While the role is pretty much the same, a...
Parents may have a reason to leave their child out of their will. For example, some figure their child already has plenty of money, so prefer to give their wealth to someone who needs it more. Others believe inheriting will remove their child’s motivation to strive to...
Every party involved in your estate plan plays an integral part, but the executor's work may be more complex. They will be in charge of the estate, which means they will work closely with the beneficiaries and all interested parties, fulfilling duties to each. Thus,...
If you are writing a will for the first time, there is a lot to remember. This is even more true if you are combining the will with other essential estate planning tools such as powers of attorney and advanced health care directives. While a will is relatively simple...
An inheritance advance, also known as an inheritance loan or probate advance, is a financial option that allows heirs to receive a portion of their inheritance before the probate process concludes. This can be particularly appealing when beneficiaries need immediate...
When circumstances change in your life, you will need to update your will. Examples of such circumstances include marriage, divorce, a new partner without marriage, a new child/grandchild, the sale/purchase of an asset and the death of a beneficiary or an interested...
Some people put off estate planning until late in life. They may have different reasons for doing this, but the common one is that "estate planning is complicated." Estate planning may be uncomfortable as you are essentially making decisions about how matters should...
If you have money to leave to someone when you die, it is likely you worked hard to get it. The last thing you want is for the person who receives them to squander it. While you won’t be around to watch over them, you can put some procedures in place to do that for...