One misconception people have about life insurance is that naming beneficiaries is all you have to do to ensure the benefits will be available for a surviving spouse, children, or other intended beneficiary. Life insurance is an important estate planning tool, but without certain protections in place, there's no guarantee that your spouse...
Once you have determined that you need a will, gathering the information that will be needed for proper drafting is not usually difficult. A will preparation checklist can ensure that your will properly addresses all your needs. Remember that if you die without a will, a probate court will have no way...
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When you pass away, your family may need to visit a probate court in order to claim their inheritance. This can happen if you own property (like a house, car, bank account, investment account, or other asset) in only your name. Although having a will is a good basic form...
A pet trust is an excellent way to make sure your beloved pet will receive proper care after you pass on. The problem, of course, is that you won’t actually be there to see that your wishes are carried out. It’s critical to set up a pet trust correctly to...
In estate planning circles, the word “probate” often comes with a starkly negative connotation. Indeed, for many people — especially those with larger estates — financial planners recommend trying to keep property out of probate whenever possible. That being said, the probate system was ultimately established to protect the property...
A resume is a “snapshot” of your experience, skill set, and education which provides prospective employers insight into who you are and how you will perform. Imagine not updating that resume for 5, 10, or even 15 years. Would it accurately reflect who you are? Would it do what you...
Can we be frank? It’s unrealistic to think that a piece of paper reflecting your life at a certain time will work when your life has completely changed some years later. Is it time to update your estate plan? Think through all the changes that have occurred in your life since...
It’s counterintuitive, we know: irrevocable trusts are revocable (and amendable). Unfortunately, irrevocability is a malicious myth. The uninformed could spend years relying on an old, out-of-date trust that could be updated and improved without too much effort. Yes, the so-called “irrevocable trusts” absolutely can be, and, often, should be, modified. In...
If your life or the law has changed since you signed your trust, it needs to be updated. Updates can be made by way of an amendment or a complete restatement. An amendment updates a specific part of the trust; whereas, a restatement, updates the entire trust. You might think...