The Importance of Regular Updates Have you ever considered your last will as a living document that grows and changes alongside you as life unfolds? Contrary to popular belief, creating a last will isn’t a set-it-and-forget-it affair. Instead, it’s an ongoing process that requires periodic review and updates. In this post, we’ll explore why keeping … Read more
It’s a common misconception that wills and trusts serve the same purpose in estate planning. Although both are essential tools for asset distribution after death, their functionalities and implications are distinctively different. A will becomes active only upon death, directing the distribution of assets held in your name. It requires formalities like signing in the … Read more
It’s an inevitable part of life—our parents aging. Beyond the calendar marking the years, signs of their advancing age, both physically and mentally, become more apparent. Witnessing the transformation of our once energetic parents can be an emotionally challenging experience. This progression might unfold gradually, allowing you to transition into a caregiving role. Perhaps during … Read more
In today’s digital age, the allure of do-it-yourself (DIY) solutions extends beyond home improvement and crafts; it now includes legal documents like wills and estate plans. Online platforms and templates can make it seem easy to draft these documents, but there are potential pitfalls that every individual should be aware of. Let’s explore some of the … Read more
The death of someone near and dear can be a stressful and confusing time. Your life is disrupted emotionally and logistically by the loss and your grief. Who will take care of everything? Who has what responsibilities? Let’s look at the different roles involved after someone’s death: Executor—The Executor or Executrix, also known as the … Read more
Each of us faces illness from time to time. We can and should do what we can to prevent illness. However, we also can prepare for when illness does occur. Preparation for illness has two components: 1) financial preparation for the costs, and 2) legal preparation for decision making authority. The preparation for the costs … Read more
If you choose to use a last will as your primary vehicle of asset transfer your estate is going to have to be probated. Many people are under the impression that the will is something that is only seen by family members, but the reality is that it is going to be examined by the … Read more
Estate Planning practitioners field questions regarding disinheriting beneficiaries regularly. The second question often relates to what happens when that beneficiary or any other tries to have the estate plan or portions thereof overturned. An “in terrorem” or “no contest” clause usually acts as a deterrent to such beneficiaries by completing divesting them of their inheritance should they choose to initiate a lawsuit