Though there are estates that will require some complex plans, the majority of people are going to have to concern themselves with two major issues. The first one is very obvious: you must execute a vehicle or vehicles of asset transfer. The most common way to leave your property to your loved ones is through the utilization of a last will. Though the last will is the most widely used vehicle of asset transfer, it is not always the best one. When you use a last will your estate must pass through … [Read more...] about Estate Planning Demystified
The field of estate planning contains many different legal instruments that most people have never heard of, so it can be kind of confusing when you start to do your research. On the other hand, there are some estate planning tools that are commonly used that most people have heard of that exist in some variations. As they say, a little bit of knowledge can sometimes lead to misconceptions, so we would like to clear up the difference between some of the basic terms that are often … [Read more...] about Overlapping Estate Planning Terms
While no one likes to think about a time when they're no longer around, we all secretly wonder the same things: Will my spouse have enough to live on when I'm not there? Will I be able to leave a legacy for my children? Will the family home stay in the family, or will it have to be sold to pay off creditors and taxes? This is why you need an estate plan. Estate planning is simply a way to protect your assets and your loved ones by creating legally valid documents that address a variety of … [Read more...] about What is Estate Planning?
A living trust and living will might sound similar but actually, the two are quite different. A living will is a legal way of informing your physician what you want done in case of a terminal condition. It’s used when you can no longer communicate your wishes due to an injury or illness that leaves you incapacitated. Your living will should be accompanied by a health care power of attorney. This document designates a person to speak on your behalf and relay your wishes with regard to certain … [Read more...] about What’s the Difference Between a Living Trust and a Living Will?