When should I make a will? Obviously, no one wants to think about his or her own death, let alone prepare for it. However, it’s important to understand that writing a will doesn’t mean you’re planning to die any time soon. In fact, it could take months or even years before you actually pass away. So, when should I make a will? Well, it’s not just because you might get hit by a bus tomorrow. Writing a will and other Read More
How to Choose a Trustee For Your Family Trust
If you're in the process of setting up a trust or if you're reviewing a trust set up some years ago an important part of the process and worthy of careful consideration is who to choose to act as trustee of your trust. Typically you will be the first trustee but your chosen successor trustee will take over management of the trust when you are gone. This person will be making all the decisions once you're gone and Read More
When To Update Our Wills: Newly married with a new baby.
Mom and Baby Q: I was recently married and we just had a baby. My husband has a Will that he had prepared before we were married leaving everything to his sister. Is that will still effective or should he make a new one? If he doesn't update it, will everything actually go to his sister? A: It is very important to update Wills and account beneficiaries upon the occurrence of a significant life event such as a Read More
Do I Need an Estate Plan in my 20s or 30s?
Accidents happen. Illnesses can strike anyone unexpectedly. So, take a moment to get a few basic estate planning tasks out of the way. You — and the people you love — will be glad you did. If you think you’re too young — think again. Incapacity can occur at any age. Most people prefer to have control over what happens to their belongings when the unthinkable happens. But when there’s no plan in place, the state Read More
Does Your Will Name an Alternate Beneficiary?
If your will does not name an alternate beneficiary, what will happen to your estate if your primary beneficiary does not survive you? If your will does not name an alternate beneficiary, your estate will be divided according to state law. The way the state divides your estate may not agree with your wishes. Your money may go to someone you don't like or to someone who is unable to handle it. For example, suppose Read More
The Hazards of Do-it-Yourself Estate Planning
Many websites offer customized, do-it-yourself estate planning documents such as wills or trusts. Although such products may seem convenient, using them could create serious and expensive legal problems for your heirs. These digital do it yourself estate planning services appear to offer a cost-effective and easy alternative to visiting an estate planning or elder law attorney. But, is online estate planning worth Read More
How To Handle Intellectual Property in your Estate Plan
It is important to consider how to handle intellectual property in your estate plan. If you are an inventor, author, artist, or owner of a closely held business, you should take steps to ensure the protection of your intellectual property rights and consider the best way to ensure your family can continue to benefit from your work in the future. Business ideas, visual art, published or unpublished literary and Read More
5 Times When You Need To Update Your Estate Plan
Estate Planning is the process of working with an attorney to create a legally-binding plan for what will happen to your belongings and property (known as your estate) and your remaining money (known as your assets) after you pass away. If you don’t create an Estate Plan, these decisions are made by a Judge in probate court, not by your family or loved ones. Estate Planning encompasses a lot of different methods, Read More
