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
What You Can’t Do With a Will
Most people know what a will does but there are things that it won’t cover. A will is just one part of a comprehensive estate plan. Here is what you can't do with a will. A will is a legally-binding statement directing who will receive your property at your death. It is also the way you appoint a legal representative to carry out your bequests and that you name a guardian for your children. Without a will, your Read More
Five Reasons to Have a Will
Your will is a legally-binding statement directing who will receive your property at your death. It also appoints a legal representative to carry out your wishes. However, the will covers only probate property. (Probate is the court process by which a deceased person's property is passed to his or her heirs and people named in the will.) Many types of property or forms of ownership pass outside of probate. 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
How to Deal with an Estranged Child in Your Estate Plan
Unfortunately, not all families get along. If you are having problems with one of your children, you may not want them to benefit from your estate. There are several strategies for dealing with an estranged child in your estate plan. Depending on the level of estrangement and the reasons for the estrangement, the following are the main approaches for treating a child differently in your estate plan: Outright Read More
