Tag Archives: beneficiaries
Planning for Digital Assets
These days, digital assets are more common. From Bitcoin to other assets, it is important to let your heirs know what you have stored away, where to find those assets and how to access them. Now that digital assets are more common in wills, it is a good idea to know how to plan for […]
What to Do When Your Heir Might Blow Their Inheritance
You have worked hard all your life to generate wealth and wish to devise your estate to your children. But what do you do when you suspect a designated beneficiary could blow their inheritance? We all hope that our children will respect the money they inherit, but sometimes their personalities and specific circumstances make that […]
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. […]
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 […]