When making an estate plan, it’s important to be aware that the transfer of assets can take some time. Just because you chose a specific beneficiary to inherit a certain amount of money does not mean that they take control immediately when you pass away. The estate...
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Month: January 2022
When fortune favors you, act quickly to preserve your bonanza
Are you looking at a sudden, unexpected influx of asset? Whether you recently won a lottery or received a large personal injury settlement, transitioning from an average annual income to significant wealth requires careful planning. For most people, the urge to...
What happens when you don’t trust a trustee?
Trusts are very popular ways of making sure that an estate’s assets do the most good and fulfill a testator’s wishes over the long run. Having the right trustee to manage and administer a trust is, naturally, critical. What happens, then, if you have lost faith in a...
Who should you grant power of attorney authority?
Granting power of attorney is a crucial decision that requires careful consideration. This legal process empowers an individual, known as an attorney-in-fact, to act on your behalf in various legal and financial matters. This authority usually only comes into play in...
Why digital estate planning is necessary
Over the past decade or so, you may have noted that your online presence and digital assets have become nearly as significant as many of your physical possessions. If so, you’re not alone. And it’s due to this trend that digital estate planning is becoming...
Should an executor be reimbursed?
Your executor will perform crucial duties. From managing your estate to keeping beneficiaries and interested parties reasonably informed. Thus, it's crucial to reimburse them for their services. This can be a no-brainer if you hire a professional executor. But you can...
Be sure to include sentimental items in an estate plan
When some individuals decide to make an estate plan, they just pay attention to their largest assets. Who gets the family home? What happens to the vacation home or the cabin? How do they divide their investment portfolio or a substantial bank account? They focus on...
What should you know about powers of attorney?
When creating your estate plan, your primary focus is likely on ensuring your assets get passed down to your beneficiaries as you intend. While that’s undoubtedly an important goal, you should also do what you can to protect those assets – and your broader interests –...
Should you omit someone from your will to disinherit them?
When someone makes an estate plan, they decide how they want to distribute their assets. Certain people may expect to inherit, such as children or a spouse. Disinheriting someone means cutting them out of the estate plan despite this expectation. Not everyone can be...
When does a testator lack the capacity to draft a valid will?
Individuals can put together testamentary documents before they die that will determine what happens to their assets after their death. A will can designate specific beneficiaries for someone's resources and name a representative to handle estate administration....