There are so many varieties of trusts that it's difficult to keep track of them all. These trusts can also drafted in a number of ways, which makes it tricky to know exactly what to do for an inexperienced trust planning attorney, and especially for a layperson who doesn't have any legal training. A Totten trust, for example, is a type of legal document that many people have never heard of.
As you create an estate plan, you'll spend a lot of time thinking about what will happen to your assets upon your death. Like many, you may have plans of leaving your assets to your adult children.
There's a lot to think about when creating an estate plan, including who you will name as guardian of your minor children. While you hope that this will never be necessary, you must cover all bases and name a guardian nonetheless.
Estate planning is not something you focus on once a year. Instead, it's important to keep a close eye on your plan at all times, as you never know when you need to make a change.
If you're working to get your divorce finalized before the beginning of next year when the new tax changes take effect, you're probably consumed with that process. However, don't forget that as a divorced person, you'll likely need to make some significant changes to your estate plan -- if you have one.
Even with the best intentions, you could make an estate planning mistake that costs you and your loved ones time and/or money. Fortunately, when you're familiar with the most common mistakes, it's easier to avoid a bad situation.
This month, Americans were once again consumed by a Mega Millions jackpot as its value continued to rise to become the second largest in history. Some lucky South Carolina lottery player is now $1.5 billion richer. Even if it's being split among a dozen co-workers, that's a considerable windfall.
When creating an estate plan, most of your attention will go toward what happens to your assets upon your death. This is a big deal, but it's not the only thing to think about. You also have to plan for a potential incapacity down the road.
The idea of creating an estate plan may not thrill you, but once you complete the process, you'll look back and realize it was the right thing to do. Furthermore, with an estate plan in place, you'll have more peace of mind in regard to the future.
Although you may have a divorce in your past, it doesn't mean you'll never tie the knot again. If you decide to once again go down the path of marriage, it's important to understand how it will impact every facet of your personal and financial life.