Probate is a legal process that will enter the picture if you use a simple will to state your final wishes. The probate court also presides over intestacy cases. This is the situation that arises when someone passes away without a will or any other estate planning documents. Creditors are given an opportunity to come forward seeking payment during probate. The court examines the will to determine its validity. If anyone wanted to contest the will, they could come forward during probate to … [Read more...] about Do All Estate Transfers Go Through Probate?
A living trust is the ideal estate planning tool for a wide range of different people. We are going to look at the tax implications in this post. Before we get there, however, we will explain some of the benefits living trusts provide. Simplified Estate Administration Many people think the estate administration process is very simple when you use a will. They also believe trusts are extremely complicated. In reality, nothing could be further from the truth. If you use a will, you name an … [Read more...] about Are Living Trust Distributions Taxable?
It’s tempting to think that by taking the time to hand-write your Will or preparing a do-it-yourself plan, you can avoid many of the issues that arise with a Will. In fact, the opposite may be true. By handwriting your Will or preparing a do-it-yourself plan, you may be creating more issues for your family. Read on to learn more. … [Read more...] about Estate Planning – Something You Shouldn’t Do Yourself
Surveys that are conducted show that most people in the United States do not have estate plans in place. Obviously, dying is at the bottom of your to do list. You may not want to think about it until you are an elder and the reality of it is staring you in the face. This is not hard to understand, everybody dies, and most people have assets. It is just a fact of life, and you should take it seriously because there are no guarantees. People pass away at all ages every day, and their families … [Read more...] about Know the Facts When You Plan Your Estate
Everyone knows that estate planning involves the use of a will or a trust to state your wishes regarding way you want your assets to be transferred after you die. Once you have the document in place, you have fulfilled your responsibility, and that’s the end of the story. This is actually a shortsighted point of view. You will need to tend to many details. You may not recognize these details, so we will look at some of them here. Collection Liquidation If you collect antiques, classic … [Read more...] about Four Estate Planning Details You May Overlook
Caring.com conducts annual estate planning preparedness surveys. In 2021, they found that just 32.9 percent of American adults had wills or trusts in place. For people that are 55 years of age and older, the figure was a surprising 44 percent. The lack of preparedness is not confined to younger people. That being stated, last year, a paltry 22.5 percent of individuals that are between 35 and 54 years of age had wills. A single person with no dependents encounters minimal risk if they pass … [Read more...] about What Happens If You Die Without a Will?
Caring.com conducts surveys on an annual basis to gauge the estate planning preparedness of people in America. The results of the survey are broken down by age group. The survey suggest that only 44 percent of people that are 55 years of age and older had an estate plan in place in 2021. This is a reduction from the 60% seen in 2019 for individuals in the same age group. When this survey was conducted at the beginning of 2021, only 32.9 percent of all adults in the United States had estate … [Read more...] about Address These Questions to Create an Estate Plan Outline (Part 1)
A lot of people think that you do not have to put much time and effort into planning your estate. This perspective this a gross oversimplification. The reality is there are many important factors that you should carefully consider when you are planning your estate. You should take the time needed to understand the facts so you can make decisions in a fully informed manner. Choose the Right Asset Transfer Vehicle The notion that a will is all you need is incorrect. If you are going to be … [Read more...] about Why Is Estate Planning Necessary?
If you want to be comprehensively prepared, you may want to consider all of the finer details when you are devising your estate plan. It is possible to address important elements in advance, including your final arrangements, as this can ease the burden on your family. Personal Decision Do you want to be cremated or buried? Is there a certain type of memorial service that you would prefer? Do you have a particular member of the clergy in mind? These are personal questions, and you can … [Read more...] about Do You Have Final Arrangement Preferences?
Less than 30 percent of Americans under the age of 55 have estate plans, even though most know it is important. Many procrastinate, or believe the process is very straightforward. In fact, this is a gross oversimplification, and can cost your family time and money. Don’t overlook long-term care costs. We all know that some elders require nursing home care. However, may believe "it will never happen to me." You can certainly take good care of yourself and hope for the best, but the … [Read more...] about Three Estate Planning Tips That Can Make a Difference