Estate Planning – A Simple Easy Guide to Understanding Wills, Trusts, and Estate Planning

Estate Planning - A Simple Easy Guide to Understanding Wills, Trusts, and Estate Planning

10 Most Common Questions Families Ask About Estate Planning, Wills, and Trusts

1. What is a Will?

A Will is signed writing when a person (often referred to as the “testator”) directs what’s to get completed with their property after death. Each state possesses his own very specific laws as to precisely what is necessary for a Will to get valid because of state.

2. Who Can Create a Will?

Any mentally competent individual who is at least 18 yrs. old might make a Will. However, later proof of any fraud, duress, or undue influence by someone else or perhaps the testator might cause the Will to be invalid.

3. Who Should Have a  Why?

Every mentally competent adult really should have a Will. Here are a few in the reasons:

– You can direct how we would like your property divided for your death.

– You can name the person you wish to handle your estate (referred to as the “executor” or “personal representative”).

– You can reduce the expenses of administering your estate.

– You can save taxes.

– You can nominate a guardian for the minor children.

– You may provide for any trust in the support and education of the children without the necessity of costly court proceedings.

4. Does a Will Need to Be Witnessed? Does a Will Need to Be Notarized?

Generally, most states require that this signing of a Will have to be witnessed by two competent persons, who also must sign the Will in front of the testator. (An exception on the witness requirement is made if your testator writes the entire Will in his / her handwriting, and signs and dates it.)

Although the law does not need a Will being notarized, it’s a highly recommended practice, accompanied by most lawyers. …

» Read more

Financial Planning Needs Serious Attention

Financial Planning Needs Serious Attention

A little over one-third of Americans have a will, but fewer than half have any estate documents in any way. Most people wouldn’t like to think about dying. Considering it is an uncomfortable topic, a lot of people don’t do anything about estate planning. However, it is crucial for most reasons and shouldn’t be overlooked.

By making arrangements for one further day and beyond, it not just helps your family and friends by having a hard time, nevertheless, it guarantees your assets are managed and removed how we are interested if you die or become incapacitated. Other reasons why you need to do estate planning include:

If you own your company, it is vital for your protection and continuation of your respective business. It established that is in charge of anything withdrawn from accounts to spend your bills. It also protects any inheritances that you simply spread for your heirs from getting taken by creditors. A good plan may help safeguard the financial security of the family.

You don’t have to be wealthy to have an estate plan set up. Everyone has estate-even children who have had family heirlooms handed down in their mind or have a very custodial account in their name. Simply put, in case you own something of worth which you want to offer to another person upon your death, then you’ve got something to plan for. However, in case you die without one, the responsibility of handling and arranging of one’s assets, even the care of your children, falls into the court’s hands.

Choosing an Attorney

Planning an estate ought to be given serious attention. While there may be many inexpensive Do-It-Yourself kits, those could find yourself costing you and your loved ones more in the long run. That’s why it’s good to hire an estate …

» Read more