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The end of a person’s life does not always come quickly. Some people spend days, weeks, months or even years in a poor mental or physical state before they actually die. During that liminal period when someone is incapacitated but still living, bills still have to be...
People typically update their estate plan every three to five years, but a lot can happen in that time. If you’ve recently been through a divorce, you need to make adjustments sooner. While everybody’s situation is unique, here are several areas of concern that may...
A trust is a legal arrangement that allows a trustee to manage trust funds. The trustee is responsible for distributing funds to the beneficiaries of the trust. In a revocable trust, for example, trust funds may be distributed to beneficiaries once the person who...
Ethical wills and legacy letters help people share their values, memories and wisdom with loved ones after they pass away. While they are not legal instruments, they strengthen an estate plan by offering clarity and emotional support. Many families use them to...
Many spouses who have been married for decades and own all of their assets together believe they only need one joint will. That’s especially true if they have relatively uncomplicated assets and their plan is for whichever spouse outlives the other to inherit...
When most people think of their estate plan, they tend to focus on physical assets such as their homes, bank accounts, vehicles and family heirlooms. But in today’s world, many of your most valuable assets and personal information exist online. From online banking...
One way to set up your estate plan is by using a trust. You can give instructions to the trustee about how they should distribute those assets to your intended beneficiary. This can give you more control. For instance, perhaps you want to make sure that the money is...
People with pets or companion animals usually want them to live long and happy lives. For older adults, those with serious medical challenges and those who own particularly long-lived animals, adding them to an estate plan may be necessary. Some people include their...
People who are setting up an estate plan often focus heavily on handing their assets down to their beneficiaries, but that’s not the only consideration. When crafting yours, you will also have to think about what will happen if you become incapacitated. One of the...
It is important to update your estate plan periodically. One time when you may want to do so is after a serious medical diagnosis, like a cancer diagnosis. One way to address your future medical concerns is to use an advance health care directive. This is essentially...
