Sunday, June 26, 2022

Estate Planning

beneficiary designation

Have You Updated Your Beneficiary Designations?

Regardless of your income or net worth, there's one estate planning move you should probably make right now: Check the beneficiary designations for your life insurance policies, bank accounts, brokerage firm accounts, retirement accounts, and...
is trustee personally liable?

Can a Trustee Be Held Personally Liable?

If you are ever appointed a trustee, you will have a fiduciary duty to act on behalf of the beneficiaries. If you breach that duty, you may find yourself in court. Being a trustee is not...
when someone dies who gets assets

Who Has Access to Estate Assets Right After Someone Dies?

Immediately after a loved one dies, the nearest family members — or sometimes close friends if no relatives are nearby — wonder what to do about the assets of the decedent. An individual's assets can fall...
who inherits with no children

No Children but Lots of Cousins? Who Inherits without a Will?

Here's an issue that sometimes occurs in the administration of an estate: A person dies without a spouse or children. The individual's nearest family members are cousins or other extended family members and they cannot...
revocable trust benefits

3 Ways a Revocable Trust Can Benefit You and Your Family

When developing an estate plan, a revocable trust can provide many benefits that, in most cases, significantly outweigh the cost of setting one up. Here are three of the benefits of setting up a revocable trust. Benefit...
father talking to son about inheritance

Why You Should Discuss Inheritances with Your Heirs

Many people are uncomfortable discussing with heirs how they will distribute their estate. Perhaps you don't want your children to realize how much they may receive after your death. Or you may think your choice...
heir of distant relative for inheritance

How to Prove You’re an Heir of a Distant Relative

Many people fantasize they will get a notice stating they are entitled to inherit money from a long-lost relative. This could be someone that the individual may not have seen in years or may not...

No Will? Who Gets the Assets?

Let's say an individual dies without a will. Who will inherit his or her assets? The first in line are spouses and children. But what if the individual is single, has no children, no siblings and...
grieving man over wife's death

What Immediate Actions Must Be Taken Right After Someone Dies?

When a loved one dies, family members are not only in mourning — they may be in a state of uncertainty about what to do next. While everyone is respectful to the loss of the...

7 Reasons to Update a Will

Once you or your loved ones have a will drawn up, don't just put it away for safekeeping and forget about it. If your will doesn't keep pace with changes in a person's life,...

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