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When you create a trust, it is important to think about the unexpected -- about the things that may happen that you cannot predict. You do not want to accidentally keep money from your heirs when you would have preferred to pass it on to them. You can't change the...
One question that the court may ask when determining the validity of a will is if the person who did the estate planning possessed the testamentary capacity to do so. It's very important to understand what this means and how it can impact an estate plan.Overall,...
Say that you want to set up a trust for a grandchild so that they can pay for their education. It's a wise use of your money, and creating that trust can be part of your estate planning.As you do it, though, remember that you can create a trust that the child can use...
Your parent's will arrives, and you just don't like the terms. Maybe you thought that you'd get a specific asset or maybe you thought more money would go your way. You have been looking forward to it, and now you're disappointed. Can you challenge the will?You may be...
Say you pass away in a car accident, along with your spouse. That's why you're doing your estate planning after all -- to make sure you're ready for the unexpected.If you have minor children, what happens to them in this situation? You can't care for them any longer,...
It is not enough just to have an estate plan. You need to make sure that it is actually up to date. This is a constant process. Writing a will and then forgetting about it for 10 years does not help anyone. Your assets could change significantly in that time.For...
Most people put off estate planning. In fact, most people don't have a will.If you think about it, you may assume that people without their documents in line are reckless individuals who like to take chances. They know they're going to pass away, after all, and they...
Here's what people assume, based on the traditional model, is going to happen when someone does their estate planning: They'll pay off the mortgage, retire, live in the home without payments until they pass away and then leave the home to their heirs debt-free.This is...
If you're thinking about putting money in a trust fund for your children, you probably want to control how you give it to them. For instance, maybe the trust will set it aside for educational costs or maybe it will pay out when they hit a certain age.There are a lot...
It's easy to think that estate planning is all about you or all about your financial assets. While it does start with these things, it's actually all about your family. It may have a bigger impact on them than you realize.For instance, those who do not have an estate...