Myth: Probate Costs Will Consume All Your Assets

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Myth: Probate Costs Will Consume All Your Assets

One of the most common myths regarding probate is that the associate costs will take up most of the assets you own. Although it is true that probate can be a costly process and that you should attempt to avoid it as much as possible through sound estate planning, you do not need to fear […]

Common Items Included in a Will

If you are unfamiliar the estate planning process and the creation of a last will and testament, you might get a little lost when reading a will or attempting to determine what you need to put into your own estate planning documents. To help you better understand the structure of a will, below are some […]

Methods of Transferring Real Estate Upon One’s Death

If there are real estate assets in your estate, those assets are probably the most valuable items you own. This means you should be careful about choosing who assumes ownership of real estate upon your passing. How you transfer ownership of real estate depends largely on how you own the property in question. Below are […]

Steps a Personal Representative Should Take if No Will Can Be Found

Without a last will and testament, it is impossible to say for certain who the deceased person would have selected to serve as his or her personal representative. Therefore, the probate court takes it upon itself to name an individual to fill this role. In most cases, this person is a surviving spouse or an […]

Congress Considers Estate Tax Proposals

The federal estate tax is subject of constant debate in Washington, D.C. The Tax Cuts and Jobs Act, passed in December 2017, doubled the limits of the estate tax, and there have been Republican proposals to eliminate the tax completely. Meanwhile, on the opposite end of the spectrum, Senator Bernie Sanders (I-VT) has proposed significantly […]

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 […]