It can be a difficult decision to disinherit someone. But there are situations where you may think it’s necessary. Maybe you are worried about how the beneficiary would use their money or maybe the two of you have become estranged. You may think that the easiest way...
A trust is a common legal document added to an estate plan to protect assets, and it is overseen by a fiduciary known as a trustee. The trustee is responsible for managing the trust's assets and distributing funds to the trust's beneficiaries. There are several kinds...
For decades, living wills helped give people control in the event of a medical emergency. People engaged in estate planning could choose to draft a living will as a way of determining what medical care they receive in an emergency. Many people only ever sit down to...
If you are fortunate enough to own pieces of art, then you likely want to ensure that they end up in good hands when you’re gone. This may not be as simple as it is with other assets. Here are some things to consider when choosing one or more beneficiaries for your...
Estate planning documents, such as wills and trusts, serve different functions. However, they all share one common feature- they are intended to reflect the wishes of the creator. That common feature is arguably the most important aspect of estate planning. While...
We go through several phases during our lifetime. And there are several that have a significant impact. These essential life events should be the catalyst to review and update your estate plan. 1. Marriage and remarriage You may want to update your plan to include...
Estate planning has, for the longest time, been confined to tangible assets like property, investments and heirlooms. However, with the rise of digital assets and our increasingly digital lives, it's imperative to expand our estate planning considerations to include...
A payable-on-death (POD) account can be set up at your local financial institution. You may already have a savings account containing a significant amount of financial assets. You can convert this into a payable-on-debt account and choose a beneficiary. If you pass...
An estate plan details how you want your assets to be distributed among beneficiaries after your death. It also involves appointing a trustworthy person who can make financial and medical decisions on your behalf if you cannot do so. Having an estate plan in place is...
Financial exploitation of older adults is a growing concern. As our parents age, they may become more vulnerable to scams, fraud, and financial abuse. Advances in technology, especially in the field of artificial intelligence (AI), make it even easier for scammers to...
