Estate planning is an activity that is often associated with older adults or those with significant assets, but young adults also need to create estate plans for a variety of pressing reasons. For example, most young people in the U.S. have extensive online...
Estate Planning
Can multiple beneficiaries inherit real estate?
When drafting an estate plan, some assets may be given to single beneficiaries, while others may be divided during estate administration. For example, family heirlooms might be distributed to multiple adult children, with each receiving specific items according to the...
Why Buffet recommends showing your will to your children first
Warren Buffet’s financial acumen has served him well and many people listen carefully when he speaks, as he does in the annual letter he sends to shareholders. You may be interested to learn about a recent piece of advice that he gave to all parents in his 2024...
Powers of attorney can protect aging adults from guardianship
Certain aspects of aging can make people nervous. For example, many older adults worry about the possibility that other people might try to obtain a guardianship or conservatorship over them. Guardianship of a vulnerable adult gives someone authority to make choices...
How do you divide your diamond rings in your estate plan?
When you’re developing your estate plan, it’s often the little things that count. You may not have a hard time dividing up the value of your investments, the house, your vehicles and other major assets, especially if you intend to divide them roughly evenly between...
What is the process of revoking power of attorney?
During the estate planning process, considerations may be made for when one is not in a position to make crucial decisions on their own. One of the solutions to this is appointing a power of attorney (POA), which allows a designated individual to make decisions on...
Early signs of incapacitation in elderly parents
As parents age, it becomes increasingly important for their adult children to observe their well-being with care. Their capacity to make sound financial, legal and personal decisions may decline over time due to various physical or cognitive health issues. Recognizing...
How trusts can help preserve your family wealth
You’ve worked too hard to build a financial legacy for your wealth to go to outsiders soon after you are gone. As such, you want to ensure that the assets you’ve accumulated remain protected and are passed down your family line according to your wishes and long-term...
Estate planning and intellectual property: What to know
When people think about “estate planning,” they’re usually concerned with tangible assets, like their homes, vehicles and family heirlooms – but what if the most valuable thing you have is your intellectual property (IP)? Whether you’re a writer, an artist, a musician...
Should you have two powers of attorney?
You may already understand the importance of having a power of attorney (POA). It is invaluable to have a person you trust to make decisions on your behalf if you become incapacitated. But if one is good, is two better? The pros and cons A POA is a legal document that...