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...
Personal representatives of estates play a crucial role during probate. Their duties include managing the estate assets, paying outstanding debts and taxes and distributing assets according to the deceased’s will or state law. Given the significant responsibilities...
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...
Long-term care insurance can be a lifesaver, offering financial protection when you need assistance with daily activities for an extended period due to challenging health conditions. However, when the time comes to utilize your policy, understanding the process can...
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...
