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- Why You Should Not Put Property in Your Childí Name as Part of an Estate Plan
An estate plan details what happens to a person and his or her property who becomes incapacitated or dies. Some people may wish to leave property to their children. This can cause potential problems, depending on whether the child is a minor, the type of property and other considerations. Some possible problems that can arise by listing a childís name as part of your estate plan.
- Blended Families Need Estate Planning Too
Todayís family structure is much different than it was many years ago. A large number of families are now blended with married spouses and children from previous relationships. Blended families have more complex wealth planning considerations than others. This often requires special care and advance planning.
- How Stretch IRAs are Used as an Estate Planning Tool
Estate planning is essential for those with assets that the owner wants to leave behind or to extend into his or her later years, and some of these tools involve multiple items. The stretch IRA is a retirement planning tool that may be used best in estate planning for someone that is planning to ensure he or she lives well after entering retirement age.
- Paying Attention to Details in Your Estate Plan and Importance of an Estate Planning Lawyer
The estate plan is crucial to ensure either retirement is comfortable, or that heirs are taken care of after the estate owner has passed on, and the details are essential to providing for these eventualities. The estate planning lawyer is the main point of contact for documentation and implementation of the plan and keeping the steps followed after the person is no longer alive.
- Importance of Naming Contingent Beneficiaries in Estate Planning Documents
Beneficiaries may be named in a number of estate planning documents. A named beneficiary often helps assets to transfer outside the probate process, saving time and money in the process. Failing to name a beneficiary or contingent beneficiary can cause significant issues in an estate plan.
- Funding Revocable Trusts: Why It's Important
Funding a revocable trust is an important aspect of creating the trust and it being valid in the future. If the grantor fails to complete this necessary step, there may be lasting consequences.
- Advantages of Using a Trust over a Will
Many people opt to use a trust or a will as their primary estate planning tool. Both of these documents serve important roles in a personís estate plan. However, there are some distinct advantages of using a trust over a will.
- Estate Planning Considerations for Single People
Individuals who are single may mistakenly believe that they do not need an estate plan. It is crucial that single individuals take into consideration a number of key factors in order to develop a comprehensive estate plan.
- Can I Put a Trust in My Will?
Many people choose to have either a trust or a will. However, others may actually include a trust within a will. This is often referred to as a testamentary trust. This type of trust does not go into effect until the testatorís death. Other trusts are set up during the lifetime of the person making it. There are important things to understand about a trust of this nature.
- Simple Methods to Reduce Probate Costs
Probate is a process in which a last will and testament is approved by the court. The executor is appointed by the court. The executor is responsible for paying final expenses, notifying heirs and creditors of your death and their appointment and of distributing the property in accordance with the instructions of your will.