Author Archives: Phillip A. Baumann
Could You Avoid the Probate Process?
When an individual passes away, his or her will goes through probate court. While many estates go through this process, it might not be relevant to all estates. The following criteria may be used to determine whether or not a person’s estate may be able to avoid probate: Common assets: Not all of a decedent’s […]
Planning Your Estate When You Have Never Been Married
Unmarried adults face several different variables when it comes to preparing an estate plan. Unlike individuals with spouses, those who have never been married may include extended family, friends or even mentors in a will. As an increasing number of American adults are delaying marriage or not getting married at all, it’s becoming much more […]
Common Myths Related to Estate Planning
The many misconceptions out there about estate planning can prevent people from taking the necessary steps to protect their assets and loved ones in the years to come. Some of the most common myths about estate planning include the following: Myth: Estate planning is only for the extremely wealthy. The reality is that every adult […]
Estate Planning for Married Couples: Tips to Secure Your Future
A comprehensive estate plan can be one of the best ways to provide for your spouse financially in the event of your passing. Yet, many couples fail to take any step toward crafting a plan that protects assets and loved ones. If you feel unsure about your financial preparedness, the following are several ways to […]
Keeping Your Estate Planning Documents Safe
In many ways, your estate plan is a safety net that secures the future of your property and the wellbeing of your loved ones. After putting a great deal of thought and effort into creating and formalizing your documents, it’s critical these papers remain as safe as possible. The following are several tips for keeping […]
Need-to-Know Facts on Living Wills
When it comes to estate planning, establishing a living will might be one of the most important steps you can take to give direction on your end-of-life care. It is important to understand that a living will is different than a standard will. Standard wills are used to name beneficiaries or guardians at the time […]
Do You Really Need a Will?
If you are wondering whether you need a will, the simple answer is yes. Wills protect your assets, help provide for your loved ones and enforce your wishes when you are not able to do so yourself. Most people should have a will as part of their estate plans, but it is important to understand […]
Circumstances Requiring an Update to Your Estate Plan
If you have created an estate plan, you understand the importance of protecting your assets and those individuals you love. Nevertheless, estate plans may contain living documents that require periodic updates. There are several circumstances that should prompt you to change your estate planning documents, including: You got married. Any time your marital status changes, […]
How Estate Planning Affects Your Children
From your children’s first day of school to their college graduation, you strive to prepare them for any situation. However, many parents forget about one of the most important ways that they can look after their kids — an estate plan. Through your will, you can outline exactly who your children’s legal guardian should be […]
What Does it Mean to Have a Living Trust?
Revocable living trusts are the most common types of trusts available. They provide people with the peace of mind of knowing that they have outlined their wishes for passing down their assets and property to beneficiaries. Generally speaking, three people are involved in the creation of a living trust: a grantor, a trustee and a […]