Like many people you may choose to establish a Family Wealth Trust to use as your primary method of distributing your estate. One mistake you do not want to make, however, is eliminating a Will completely from your overall estate plan. Let's see why you should include a Pour-Over Will in your estate plan even if your plan relies on a Family Wealth Trust to distribute the bulk of your estate. Your Last Will and Testament A Last Will and Testament is a legally binding testament, usually in … [Read more...] about If I Am Using a Family Wealth Trust Do I Still Need a Pour-Over Will?

The terms of a decedent’s Last Will and Testament (if one was left behind) are used to determine how the decedent’s estate assets are distributed during the probate process. Sometimes, however, the validity of a Will is challenged in what is known as a Will contest. One of the grounds that may be alleged to challenge a Will is “lack of testamentary capacity.” What, exactly, does that mean though? Whether you are considering a challenge to a Will or you are an Executor with a duty to defend a … [Read more...] about Contesting a Will Based on Lack of Testamentary Capacity

Why it is true that every adult should have at least a basic estate plan in place, that need is heightened for women. Unfortunately, women are often unaware of how important estate planning can be for them. To make sure you and your loved ones are protected, let's explore what women need to know about estate planning. How Is Estate Planning Different for Women? The fundamental need for estate planning is the same for everyone; however, there are some ways in which that need differs between … [Read more...] about What Women Need to Know about Estate Planning

If you have yet to create an estate plan, you have surely had to listen to well-meaning friends and family members urge you to get started on a plan.  They may not, however, have explained to you some of the reasons why having an estate plan in place is so vital to you and your loved ones.  To remedy that let's look at three reasons why you don’t want to die intestate. What Does It Mean to Die “Intestate?” First and foremost, you need to understand some of the legal jargon related to … [Read more...] about Why You Don’t Want to Die Intestate

Being a grandparent means you get all the fun of being a parent without all the worry and responsibility of being a parent. As a grandparent, you may want to include your grandkids in your estate plan. To make the most out of those gifts, here are some tips for including your grandchildren in your estate plan. Do not make promises.  As a grandparent, you may get carried away and want to make promises for future gifts. For example, you might find yourself promising to cover college … [Read more...] about How to Include Your Grandchildren in Your Estate Plan

Despite understanding the importance of having an estate plan in place, over half of all Americans do not have one.  Moreover, many of those who do have a plan fail to update and/or expand their plan as needed. The reality is that estate planning can be intimidating and confusing. The best way to ensure that you have an estate plan in place that achieves all your goals and meets all your needs is to work with an experienced estate planning attorney. To help you get started, here are some … [Read more...] about Questions to Ask Your Estate Planning Attorney

You are likely accustomed to making healthcare related decisions for yourself and you probably assume you will always be able to make those decisions. What happens, however, if you are in a position where you are unable to make your own healthcare decisions? Is there someone specific you would want to make decisions for you? You may also have strong opinions about end-of-life medical treatment that you want honored by healthcare personnel at the end of your own life. Once again though, what … [Read more...] about Do I Need an Advance Directive?

Although you may not realize it, some of the decisions that impact the success, or failure, of an estate plan are frequently made without giving them much thought. Those decisions are the ones that relate to choosing fiduciary roles throughout your estate plan. To help you make the best decisions, let's explore how to choose the right fiduciaries in your estate plan. What Is a Fiduciary? A fiduciary is a person who holds a legal or ethical relationship of trust with another person or a … [Read more...] about How to Choose the Right Fiduciaries in Your Estate Plan

The prospect of creating an estate plan can be an intimidating and often frightening one for many people. Nevertheless, having at least a basic plan in place provides you with peace of mind and protects your loved ones. Despite the benefits of estate planning, it appears that less people are creating an estate plan, according to a recent study. Let's explore the findings of a recent Caring.com study on estate planning. The Caring.Com Study Caring.com partnered with YouGov to conduct a … [Read more...] about 2020 Study Shows Decline in Estate Planning