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January 2016 Archives

Dot your I's and cross your T's when it comes to an estate plan

Say you're a 30-year-old professional. Should you have an estate plan? Say you're a 45-year-old who has been working for a long time and has accumulated quite a few assets. Should you have an estate plan? Say you're 60 or 65, and you know that you only have about 15 years left (or so) on this Earth. Should you have an estate plan?

Defining some of the more complex terms in estate planning

As we have written about time and again, estate plans are incredibly important. They are also very complicated, with a lot of moving parts and terms that many people don't know or understand. Because of this, putting together an estate plan is an intimidating task that many people put off. So today, let's take a look at some of the crucial terms involved in estate planning in an effort to relieve some of that intimidation when it comes to putting together your estate.

Two key reasons why an estate plan is important

Imagine if you are a beneficiary or heir to one of your parents' estate. When the unfortunate time comes and they pass away, you are eventually sat down by an attorney that works on behalf of your deceased parent. That attorney informs you that your parent didn't have an estate plan -- or, in a potentially worse scenario, that attorney tells you that the estate plan drawn up by your parent is unclear and improper, leading to a complicated scenario where you may have to contest the will.

Is it difficult to transfer wealth and assets to a living trust?

We have talked about trusts quite a bit in the past, and one of the more common (and important) types of trusts is called the "living trust." A trust is an arrangement between the grantor, a trustee and a beneficiary. The grantor gives wealth, assets and/or property to the trustee, who holds it on their behalf for a certain amount of time until the estate is ready to be executed. Then, the beneficiary may utilize the assets, wealth and/or property contained within the trust.

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