Tips for Estate Planning in Your 20s

Tag Archives: beneficiaries

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 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 […]

Make Sure You Update Your Estate Plan After a Divorce

Divorce brings about a significant amount of change in an individual’s life. Anytime you experience that degree of change it is important to review your estate plan to make sure it aligns with your current wishes and your new life. Here are a couple tips to ensure your estate plan is reflective of your current […]

Will Life Insurance Proceeds Have to Go Through Probate?

One common question people with life insurance policies have is whether or not they need to worry about proceeds from those policies passing through probate. The good news is that rarely will those payouts be subject to the probate process, so long as you have stayed up to date with your beneficiary designations. However, if […]

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 […]

Tips for Choosing the Right Successor Trustee

If you draft a revocable living trust as part of your estate plan, you likely named yourself as the trustee to allow yourself to continue managing your affairs until you are unable to do so, whether due to incapacity or death. Once that point arrives, someone else will need to step in to fulfill the […]

Can Unmarried Couples Engage in Estate Planning?

Estate planning for couples is not limited to those who are legally married. If you have a partner with whom you are very close, you should still prioritize estate planning to ensure he or she inherits your possessions after your death. Otherwise, if you pass away without a valid will, the state’s laws will dictate […]

Reasons You Might Consider Passing Some Assets to Your Heirs While Still Alive

One of the most significant benefits of estate planning is that it allows you to take control over who receives your assets and property after you pass away. However, you do not have to wait until your death to pass along money or gifts to your loved ones. You can give up to $14,000 worth […]

What to Consider When Estate Planning in a Second Marriage

When you’re in a second marriage, your estate planning process may look a little different than it does for couples who have only been married once. Both spouses in a second marriage might already have children from prior relationships. In addition, each spouse may have brought assets into the marriage that the spouse wants to […]