The Five Benefits of a Revocable Trust
Trusts are an important part of estate plans large and small. Unlike a will, a trust allows a person to manage and distribute assets in life, as well as in death. A recent article discusses why everyone needs a revocable living trust, and what the benefits of these trusts are. 1. Probate Avoidance Many people […]
Americans Writing Pets Into Their Wills
A record number of Americans are incorporating a non-human friend into their family. In order to care for these pets after death, a recent article notes that many of these Americans are now incorporating beloved pets into their wills. However, incorporating a pet into a will is not enough to ensure that the pet is […]
California Intestacy
Intestate succession, also known as intestacy, is the process of distributing a decedent’s assets when the decedent did not execute a last will and testament or distribute property through another instrument. State law determines how to distribute assets under intestacy, because the decedent left no other guidance for how he or she wants them distributed. […]
Updating your Will with a Codicil
Executing a will is a great way to begin the estate planning process. However, it is important to continually update a will as your circumstances change. Marriage, having children or grandchildren, a major change in your finances, and the sale of a house are all examples of situations where it can become important to update […]
I Have a Will, is my Estate Plan Complete?
More and more individuals are turning to the Internet to cheaply create their Last Will and Testament. Although a will is a vital part of any estate plan, a good estate plan includes more than a will. A recent article discusses three additional documents individuals who just have simple wills should consider executing. […]
Three Ways to Plan for Your Collection
Many people spend countless hours and dollars building up various collections. Although these collections often have significant sentimental and monetary value, the owners often forget to include the collection within their estate plans. A recent article discusses three ways that you can plan for your collection. Sell the Collection This is obviously the most difficult […]
Protecting the Brady Bunch
The Brady Bunch was one of the first famous blended families. Mike had three boys of his ownGreg, Peter, and Bobbyand Carol had three girlsMarsha, Jan, and Cindy. Mike and Carol married and the 6 children came together to make one, big, new family: a blended family. A blended family is a step-family. […]
How Should I Update My Will
Most people realize that an estate plan should be revised and updated throughout the various stages of a person’s life. A recent article discusses what changes should be made based on different changes in a person’s circumstances. Your Financial Status Has Changed If your income or property has increased or decreased dramatically, your estate plan […]
Six Estate Planning Mistakes to Avoid
One important facet of estate planning is beneficiary designations. These designations are common on documents such as insurance policies and retirement plans. Although it may seem simple to put a name on a designation and forget about it, this can often lead to adverse consequences. A recent article discusses six things that can go wrong […]
Even More Estate Planning Pitfalls
Estate planning is one of the most important things that an individual will do in his or her lifetime. Every individual needs an estate plan, regardless of his or her age or circumstances. Because the need for an estate plan is so universal, there are many examples of estate planning gone wrong for others to […]