There are studies done periodically that are designed to shed light on the estate planning preparedness of people around the United States. Unfortunately, the results of these surveys are not encouraging. Most of the adults in the United States do not have a comprehensive plan in place. They say that the only certainties in life are death and taxes. Yet, most people are not prepared for something that is definitely going to happen. What would the outcome be if you passed away without a will or … [Read more...] about What Happens If I Die Without a Will or Trust?
Estate Planning
Is Probate Always Required?
Probate is the legal process that comes into play when you directly own property at the time of your passing. This process would be a factor if you use a last will to express your final wishes, and the probate court would sort things out if you had no estate planning documents at all. There are a number of different ways that property can be transferred outside of the process of probate. We will look at some of them in this post. Payable on Death Accounts When you are opening a bank account … [Read more...] about Is Probate Always Required?
What Is Estate Planning?
Many people equate estate planning to the creation of a last will. In fact, estate planning should be viewed as a comprehensive, holistic endeavor. There are various different ways to transfer assets, and your estate plan should also include preparations for the eventualities of aging. Let's look at the details. Wills With a last will you can state your final wishes with regard to the distribution of your monetary resources. You can also nominate a guardian for minor children in your last … [Read more...] about What Is Estate Planning?
Does a Revocable Living Trust Provide Asset Protection?
There are a number of different types of trusts that are used in the field of estate planning, and they serve different purposes. There are trusts that can provide asset protection, and there are other trusts that would not be used for asset protection purposes Let's look at some of the details. Irrevocable Trusts Some trusts are irrevocable. The name is somewhat self-explanatory on one level: once you create an irrevocable trust, you cannot revoke or rescind it. You are surrendering direct … [Read more...] about Does a Revocable Living Trust Provide Asset Protection?
You Can, and Sometimes Should, Refuse an Inheritance or a Gift
Though it sounds like something that no one would ever choose to do, choosing to refuse an inheritance or gift you receive can be beneficial for you and your family in many situations. The idea of refusing an inherent is not something most people ever seriously consider, but it does happen, and more often than you might imagine. You are never under any legal obligation to accept an inheritance, and can refuse an inheritance or gift as long as you make sure you follow the procedure outlined under … [Read more...] about You Can, and Sometimes Should, Refuse an Inheritance or a Gift
Basis Estate Planning Questions: What if I Don’t Have a Plan?
As a part of our ongoing series on basic estate planning questions, today we are going to look at what happens to your estate if you do not create a plan. If you have been reading along in our series, you know that everyone will leave behind an estate. What happens to that estate after your death, or in the event you become incapacitated, is what estate planning is all about. The reality behind estate planning, however, is that at least half, and probably more, of Americans never gets around … [Read more...] about Basis Estate Planning Questions: What if I Don’t Have a Plan?
Basic Estate Planning Questions – What is Probate?
In today's discussion on basic estate planning questions, we're going to ask the vital question of what is probate. Probate is one of those areas of the law that, even though many people have heard about, few people have much direct knowledge of. To help better understand why probate is so essential to the estate planning process, we are going to take a look at some important questions about it and its impact on you and your estate plan. Basic Estate Planning Question. What is probate? When … [Read more...] about Basic Estate Planning Questions – What is Probate?
Basic Estate Planning Questions – What is a Power of Attorney?
In today's discussion of basic estate planning questions, we are going to take a look at questions about power of attorney. Understanding what a power of attorney is, what it is used for, then why it is so important when it comes to estate planning is important for everyone. Regardless of your age, circumstances, or individual estate planning desires, your estate plan will almost certainly include one or more of these vital tools. So, here are some common questions about powers of attorney that … [Read more...] about Basic Estate Planning Questions – What is a Power of Attorney?
Basic Estate Planning Questions – Why Do I Need an Estate Plan?
In today's post on basic estate planning questions we are going to turn our attention to one of the most basic estate planning questions of all. Namely, why is it that people in California need to create an estate plan? If you have been reading our series, you are likely already familiar with several important estate planning concepts and issues, each of which could be enough to cause you to want to make a plan of your own. However, if you are still on the fence about estate planning and need … [Read more...] about Basic Estate Planning Questions – Why Do I Need an Estate Plan?
Basis Estate Planning Questions: What if I Don’t Have a Plan?
As a part of our ongoing series on basic estate planning questions, today we are going to look at what happens to your estate if you do not create a plan. If you have been reading along in our series, you know that everyone will leave behind an estate. What happens to that estate after your death, or in the event you become incapacitated, is what estate planning is all about. The reality behind estate planning, however, is that at least half, and probably more, of the general population never … [Read more...] about Basis Estate Planning Questions: What if I Don’t Have a Plan?
