The "Great Wealth Transfer" is the largest shift of financial assets in history, as baby boomers pass down wealth to younger generations. This process brings unique opportunities but also requires careful planning to ensure a smooth transition. Families need...
One of the most important decisions when planning for the future is whether to transfer your property to your children or heirs during your lifetime or leave it to them as an inheritance. Both choices have pros and cons, understanding them can guide you and help you...
Creating an estate plan is crucial, especially when you have children. One of the most important aspects is designating a guardian for your children. A guardian takes on the responsibility for the care and upbringing of your children if you cannot do so. This role...
Executors and trustees play important roles in estate planning, but their responsibilities differ significantly. Understanding their responsibilities will help you know how to select the right people for the positions. Responsibilities of executors and trustees An...
Planning for the future is important, especially when it comes to your loved ones. While you may focus on drafting wills and trusts as part of your estate planning process, one aspect you could overlook is funeral planning. Funeral plans encompass various arrangements...
Estate planning, an important aspect of financial preparation, is often clouded by misinformation. It is important to discuss prevalent myths associated with estate planning. Trying to find clarity on important decisions that impact your financial well-being can help...
When managing an estate, it is important to understand the various types of bills that may arise. Estates, by their nature, incur numerous financial obligations that an executor must address diligently. 1. Funeral expenses One of the primary obligations an estate...
Your will is an important part of your estate plan, but it is not the only way to give your family an inheritance. Placing your money and property into a trust may allow for better fulfillment of your estate wishes. Kiplinger explains that trusts come in two main...
Estate planning requires you to consider the future and define your wishes. Many people include a document designating powers of attorney in their estate plans that name a trusted person to represent their interests in cases of incapacity. If you are ill, disabled or...
If you have already created an estate plan, you might wonder about altering and updating your plan as your life continues to change. Your estate plan is not set in stone, and you can revisit and modify it. In addition, you can choose to update your plan regularly and...