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Should You Use a Payable On Death (POD) Account?
Payable on death (POD) accounts can provide a more direct path to transferring some of your assets to your loved ones after you pass. These accounts are exactly what they sound like—an account you establish at a bank or credit union with a designated beneficiary, who takes control of the assets immediately upon your death. […]
Reasons to Consider Establishing a Special Needs Trust
Special Needs Trusts (SNT) can be of great use for parents of children with special needs. Here are a few of the biggest reasons why you should consider including one in your estate plan if you have a child with special needs. Protect your child’s government benefits: Proper estate planning can help you preserve your […]
A Major Risk to Manage When Near Retirement
As you get closer to your ideal retirement date, it is understandable to become nervous about market volatility. A major crash could be devastating to your ability to retire on time. Therefore it is so important to plan around potential market volatility in your savings and retirement planning, and stay focused on managing that potential […]
Receiving an Inheritance Could Change Your Own Estate Plan
Receiving an inheritance can be a significant blessing, but can also result in some financial complications. The beneficiary might not know how to best manage the money, resulting in some financial troubles. When you receive an inheritance, it is important to spend some time readjusting your own financial situation and to review your estate plan, […]
Tips for Estate Planning in Your 20s
There is a common misconception that estate planning is something you only need to worry about as you get closer to retirement. Even on the younger end, many people believe it is not worth engaging in estate planning until you have children or have purchased your own home. The truth is, however, that people of […]
What You Should Know About Living Wills
A living will is an important component of an estate plan that allows you to leave instructions to your health care surrogate regarding your medical desires. With a living will, you can achieve greater peace of mind that you will get the care you desire, and prevent your family members from having to decipher what […]
You Should Know the Limitations of Your Will
A will is a simple and effect method of handling many of your estate planning needs. However, it should not be looked at as a one-size-fits-all tool that will address all your needs. Here are a few examples of some of the limitations of wills that you should be aware of when planning your estate: […]
Reasons to Consider Implementing a Trust
Today’s most common estate planning strategy is to create a will that pours your assets over into a revocable trust. When you pass away, any assets you hold solely in your name become part of your estate. The will provides instructions to your personal representative to transfer those assets to the trustee of your trust. […]
What Happens if a Will Beneficiary Passes Away Before Inheriting?
During the estate administration process, the personal representative might discover that a named beneficiary under the will, predeceased the testator. What happens next depends on what is written in the will. The testator may name a contingent beneficiary, in which case that person would inherit. But if there’s no alternate beneficiary, the property might go […]
The Most Common Mistakes People Make When Naming Beneficiaries
The estate planning process is critical for safeguarding your future and that of your heirs. As you go through the process, it is important to be thorough and thoughtful so you can create a plan that clearly outlines your wishes and is protected from potential challenges of its validity. Part of this is being careful […]