The wave of people prompted by the COVID-19 pandemic to write their wills is creating yet another wave in estate planning: all the people being asked to one day put those wills into effect.
While a will is one of the most important estate planning documents you can have, there are things that a will won’t cover.
Many baby boomers may hesitate to discuss money with their children. However, the reality is that a massive amount of wealth will be transferred in the next couple of decades. Cerulli Associates estimates that about $68 trillion will move between generations within 25 years, with most of those assets transferred to Generation X households.
There are continuing misconceptions regarding what powers are held by a personal representative and when he can exercise them.
Rising divorce rates among Americans over the age of 50 are causing more conflict in estate planning, new data shows. According to a recent survey by TD Wealth, up to 40% of financial planners say that rising gray divorce rates are leading to an increase in family strife with estate planning as the top conflict.
There were only approximately 1,900 taxable estates in the U.S. in 2018, which is less than 0.1 percent of people who died that year.
Whether you recently experienced the loss of a loved one or are learning how to best prepare and plan your own estate, you've likely come across the term and may be wondering, "What is probate?" It's important to understand what probate is and how the process works.
Being named in someone’s will as the executor–the person to handle and settle up estate matters–sounds like a great honor.
Estate planning is a systematic process, which involves getting your personal and financial goods for the time, if you pass away or become mentally ill. It is also known as last will, and almost everyone does this planning for their family.
Preparing an estate plan, is like getting a physical. We know responsible adults have it done but choosing to do it yourself is just not appealing. We may decide with the information available on the internet, we simply can self-diagnose any problems that arise.
