We’re all looking to save taxes, court costs, legal fees and ‘make it simple’ for our heirs. A last will and testament is the cornerstone of all estate planning, maybe with a trust.
Research shows that most of these executors aren’t experts and struggle with the estate settlement process.
Doing some ‘upstream’ planning now will take the guesswork out of what’s coming your way.
Estate planning is one of the most important steps you can take for yourself and your loved ones.
Probate court is a segment of the judicial system that oversees the execution of wills as well as the handling of estates, conservatorships and guardianships.
Although laws vary from state to state, every state requires that less restrictive alternatives be considered before invoking a guardianship. These might include such vehicles as limited guardianships, powers of attorney or assisted decision-making agreements.
A qualified terminable interest property (QTIP) trust allows an individual, called the grantor, to leave assets for a surviving spouse and determine how the trust's assets are split up after the surviving spouse dies.
Estate planning is not just for the wealthy. Anyone with a bank account, house, car or other personal property should have a will.
The important thing to acknowledge is that the emotions behind the reasons are not trivial, but are important and should not be dismissed or minimized.
Traditional, very simple estate planning may not be sufficient to accomplish estate planning goals in many blended family situations.
