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If you are new to estate planning, you may feel overwhelmed by the different options that are available to you. One option that many people immediately dismiss when starting to craft an estate planning strategy is a trust. There’s a widespread, erroneous belief that...
If you are the parent of children who are still under the age of 18, then you must name a guardian for them in your estate plan. Falling to do so will mean that a court will choose one if you and the other parent both died before the children turn 18. While it will...
Most people in the United States do not have an estate plan, but the ones that do typically only have a last will and testament. A will does not bypass the probate process, meaning it cannot transfer assets to beneficiaries without going through probate. The first...
If a person dies, their estate will typically go through probate. Their will must be delivered to the district court clerk within 30 days of the deceased's passing. The estate's personal representative, either named in the will or by the court, is responsible for...
The needs and objectives of people will change with each life cycle and milestone. A single individual starting a new job will have different goals from a married business owner. Each time a significant change in your life occurs, you must update your estate plan to...
Hopefully, you will live to see your children grow into fine adults. Yet, if your children are not yet 18, you should have a plan in place in case you die while they are still minors. There are two main elements to this. One is nominating a guardian who would take...
Asset identification and recovery is a crucial step in an estate’s administration. Before probate progresses, the executor or administrator must account for all assets. However, when the deceased has multiple assets, some of which they did not make known during their...
Shareholders invest in a business because they want to play a role in the company's operations and/or because they want a return on their investment. Shareholders play a role in a company's operations by attending meetings and potentially electing leadership or even...
The executor you name for your estate will play a key role when you die. While they won’t be the ones deciding what happens to your assets (that’s your job), they will take charge of carrying out the distribution. They’ll also need to do plenty of less appealing jobs,...
Estate planning is not something that only older adults should do; younger people may also benefit from doing it early. Once you complete your estate plan, you should update it as you go through significant milestones, including each time you start a new job. There...