Estate planning is one of the most local areas of the law. It might be second only to criminal law in this respect. This means that the specific rules governing estate planning, testate inheritance and intestate transfers vary widely from state to state, and even sometimes between cities.
While a will is often part of an estate plan, an estate plan covers much more ground.
Every so often, it’s smart to methodically go through your estate planning documents and see if any tweaks are needed. Here’s a checklist to guide you through that mission.
Do my husband’s minor children from a prior marriage have any rights to any marital assets acquired during our marriage in the event he dies before me?
Today, so many aspects of our lives are managed virtually. We keep currency, photos, music, documents, bills, medical records, artwork and even our social lives online or ‘in the cloud.’
It can be easy to overlook, but an estate plan is essential for nearly everyone, whether you have a lot of money or just a little. An estate plan tells your heirs and the courts how to divide up your assets. However, it also helps protect your loved ones from unnecessary hassle and expense – as well as potentially months, even years, tied up in the court system settling your estate.
As you’re making your estate plan, you’ll want to carefully consider everything. This means it may take a while to complete your plan. Here are five things to watch out for along the way.
Usually when asked to be the executor of a family member’s estate, the person feels honored and trusted. It’s a big responsibility, since the executor will be carrying out a person’s final wishes.
Increasingly, financial advisors are working with clients from nontraditional families, which can sometimes require different or additional strategies to protect their assets and achieve their financial goals.
In fact, many couples with no children mistakenly believe that they are less likely to need a last will and testament than couples with children.
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