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Figuring Out Your Total Net Worth
Part of creating an estate plan that encompasses all your needs is knowing exactly what assets you own and their value. Calculating your net worth is important so that you can better plan out how you will pass on those assets to your beneficiaries. The following is a quick overview of the steps you should […]
What Happens to Debts After You Pass Away?
Are you wondering what will happen to the debts you owe once you are no longer around to pay them? This depends primarily on the types of debts you have and the laws in your area about how those debts should be prioritized. Below is a quick overview of some of the most common types […]
Studies Indicate More than Half of Adults Do Not Have Estate Plans
Have you been putting off getting your estate plan done? You’re not alone. A 2017 study by AARP showed that only about 40 percent of all American adults have a will or living trust established. This is an alarming statistic when taken on its own, but when breaking the results down by different age demographics, […]
Springing vs. Non-Springing Powers of Attorney
There are several different types of powers of attorney you can implement in your estate plan, depending on your wishes. A couple of the terms you might hear when setting up power of attorney are “springing” and “durable” (or non-springing) power of attorney. Let’s take a closer look at what each of these terms means. […]
Emotional Blocks Can Make Estate Planning Difficult
One of the few certainties of life is that all of us will pass away someday. While one might think that would add some sense of urgency to estate planning, the difficulty and uncomfortable nature of the topic can make it very difficult for people to want to sit down and consider what will happen […]
Choosing an IRA Beneficiary
If you wish to control who receives your individual retirement account (IRA) payouts after your passing, you do not do so through your will. Instead, you name a beneficiary for the account (and in most cases, a backup beneficiary as well). If you do not designate a beneficiary or do not complete the form properly, […]
Why It’s So Important to Make a Will if You Have Children
You’ve likely heard that writing a will is important, but it becomes especially so when you have children. If you pass away without a will and have children, you will not have any control over who takes custody or guardianship of your kids. Below are just some of the reasons you need to prioritize creating […]
Estate Planning Tips for Unmarried Partners
It is increasingly common for two people to be in a long-term relationship, but not be officially married. This means they do not have a marriage or civil union certificate. If you are in this situation, it is important to arrange your estate plan in such a way that accounts for your partner. Without a […]
How to Determine if Someone Has Testamentary Capacity
Testamentary capacity refers to the legal ability of a person to make a valid will. A person who creates a will must be “of sound mind ” for the document to be legally binding. In situations in which someone challenges a will, one reason is that the challenger believes the testator (the person who created […]
Will the New Tax Law Affect Your Estate Plan?
The Tax Cuts and Jobs Act, signed into law in December 2017, has wide-ranging effects on how people both prepare their taxes and engage in estate planning. The changes to the law have led to many questions on the part of those who are trying to plan for the years ahead. Below is a brief […]