There is no legal requirement that anyone give anyone else money or property when they pass. The law says that as long as you understand what you’re doing, you can give your assets to anyone you feel like giving them to, equal or not.
In this article, we will address two terms which some people use interchangeably, but which are very different things: living trusts and estate plans.
Some problems can be avoided by proper planning, others by good practices during the estate administration process.
These vacation homes may also comprise a significant portion of the family’s wealth. Therefore, it’s understandable that homeowners want to pass their properties and family traditions to future generations.
Given their salaries and the chances of getting sued, physicians should strongly consider estate planning early in their careers.
A will allows you to distribute your worldly goods, select a guardian for minor children and name an executor to carry out your wishes.
Non-probate assets are those assets which do not go into an estate when the owner dies.
Both help you pass down assets, while avoiding the time and expense of probate. However, one has much more flexibility than the other.
If you’ve ever spent time working through your estate plan, you know how important it is to select and update your beneficiaries.
Would your loved ones have necessary access to your bank accounts after you die to help carry out your last wishes and handle arrangements?
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