Not every asset passes through a will. Certain types of property can transfer directly to a designated beneficiary, bypassing the probate process. If used wisely, this direct transfer not only simplifies the distribution of assets but can also result in efficient...
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Estate Planning
3 ways to keep a house out of probate court
Those creating or updating estate plans often need to consider the best solutions available for different high-value assets. There are sometimes ways to keep valuable property out of probate court. Particularly when there are worries about creditor lawsuits or...
Addressing family heirlooms in an estate plan
Estate planning allows an individual a great deal of control over their legacy. Frequently, testators establishing documents focus on their most valuable property first. They arrange for someone to take over the family business or assume ownership of their home after...
Estate planning mistakes to avoid
Estate planning is a critical task for all adults. An estate plan serves as a formal set of instructions that provide guidance for your loved ones in the event of incapacitation or death. The main goal is dictating who is going to get what when you pass away, but a...
Who should serve as the agent of a durable powers of attorney?
Powers of attorney are documents that grant a trusted individual the authority to act on behalf of someone else under specific circumstances. The agent or attorney-in-fact named in power of attorney documents can complete financial transactions in some cases or handle...
5 benefits of an irrevocable trust
One of the most important things adults can do to care for their family members is to ensure they have their affairs in order. Creating an estate plan is a critical step to take in order to achieve this aim. As part of an estate plan, it’s possible to set up trusts....
3 times power of attorney documents can lose their authority
A primary goal of estate planning is to have documents in place that protect an individual or their family members in the event of an emergency or tragedy. Many estate plans include powers of attorney. These crucial documents allow someone that a person trusts to...
How giving gifts can help testators avoid taxes and maximize their legacy
There are numerous estate planning tactics that may work for people in a variety of different circumstances. For those with significant personal resources, their main concerns when estate planning may include a desire to have a positive impact on their chosen...
2 groups of people to talk to about your estate plan
Many people think estate planning is something you do in secret, allowing for a grand reveal when you die. Yet, it is much better if you tell certain people about your plans now. Here are some of the people you need to converse with: Those you wish to give a...
When should you update your estate plan?
Estate planning is something that’s commonly associated with elderly individuals. Nonetheless, estate planning can benefit anyone who is over the age of 18. That being said, an estate plan is only useful if it is completely up to date. Outdated estate plans may not...