Leaving property to your heirs should be fairly simple, you would think. You make a will or a trust, you do a transfer-on-death deed for your real estate, you put your kids on your bank account, you designate beneficiaries for your life insurance and retirement accounts, and you’re done. If only things were that…
Wills and trusts have specific and quite different benefits for estate planning purposes. Each state has specific laws and regulations governing these legal documents. You can have both a will and a trust; however, the information in each should complement the other. As a standalone, it is not accurate to say one is better than…
The importance of estate planning becomes more relevant as we age and people get older. Many people avoid estate planning because they do not want to think about the end of life, failing health or disability. Others believe that an estate plan is only for rich people. However, an estate plan is helpful for senior…
Family members often end up arguing over mom or dad’s favorite items when that parent dies like family heirlooms. These types of arguments can be eliminated by filling out a personal property memorandum and keeping it with your will or trust. A personal property memorandum is designed to cover who should receive items owned that…