When you think about estate planning, you usually think about distributing physical assets like real estate, cash or heirlooms. In an increasingly digital and knowledge-based economy, it is essential not to overlook intellectual property when crafting your estate...
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How to appoint a guardian in your estate plan
You are not alone if you have children but no estate plan. Many people wrongfully believe that only wealthy people require an estate plan, but in reality, estate plans are for everyone. Without an estate plan, your children's future becomes less certain. In the U.S.,...
How long will it take to close your estate?
Choosing an executor is a critical part of estate planning and one that requires time and thought. The person you select should have adequate availability to oversee the many responsibilities of the role. As part of your effort to inform your executor, you may wonder...
Finetuning your will to reinforce your estate plan
Having a will provides a great point of reference for your surviving family members as they prepare to close your estate. It can also provide visual reassurance to you that asset distribution will align with your intentions. Creating a will that meets your...
The benefits of a revocable trust
Estate planning can ensure the distribution of your assets according to your wishes when the time comes. To make sure this happens, there are various tools and legal documents available to you. One of the most powerful tools you can use is a revocable trust. Here are...
When should you update your will?
Your will is a foundational part of your estate plan. This document lets you determine how you want to distribute your property upon your death. According to the American Bar Association, your will can range in complexity and encompass a variety of tax and family...
3 factors to consider when choosing a trustee
If you have a substantial estate, want to provide for a relative who has a disability or seek to avoid some tax liability, setting up a trust may be an integral part of your comprehensive estate plan. While you must be certain to comply with legal and technical...
Estate plan considerations for a second marriage
When deciding to marry again after divorce, updating your estate plan can ensure it continues to meet your needs. Conversely, a failure to review and change important documents can have unintended consequences. These are the key estate planning factors to consider...
How may a business valuation affect my heirs’ estate tax?
The federal estate tax considers the fair market value of your gross assets at the time of your death when determining the tax liability. Appraising your business now may give you its current worth and provide more options on how you may transfer it to your heirs. The...
Certain precautions could help you avoid power of attorney abuse
Creating a comprehensive estate plan means assessing various aspects of your life and reviewing your options for how to address those aspects in the future. Some people may feel satisfied creating a plan that consists only of a simple will, but you could believe that...
