The Perils of Joint Property

People often set up bank accounts or real estate so that they own it jointly with a spouse or other family member. The appeal of joint tenancy is that when one owner dies, the other will automatically inherit the property without it having to go through probate. However, joint ownership can also cause unintended consequences and complications. Read More

3 Reasons You Want to Avoid Probate

When you pass away, your family may need to visit a probate court in order to claim their inheritance. This can happen if you own property (like a house, car, bank account, investment account, or other asset) in only your name. Although having a will is a good basic form of planning, a will does not avoid probate. Instead, a will simply lets you inform the probate court of your wishes – your family still has to go through the probate process to make those wishes legal.

Here are 3 key reasons why you want to avoid probate. Read More

Do your parents have an estate plan?

If you find yourself in the “sandwich generation” (someone who is caring for both your children as well as your parents simultaneously), you need to know whether or not your parents have put together an estate plan. While it is still your parent’s choice to make estate planning decisions, having a plan — no matter how late in life it is created — is an absolute must.

The thought of speaking with your parents about their finances and estate planning probably makes you want to run as fast as you can in the opposite direction. Nonetheless, having this conversation is the key to helping make sure your parents are able to live their golden years without financial worries and that their wishes are carried out after their death. Read More

Why a Trust Is the Best Option for Avoiding Probate

Setting up a revocable living trust is quite often the best, most comprehensive option for avoiding probate. Often touted as an alternative to a will, a trust is a legal structure that permits management of your assets by a trustee on behalf of your beneficiaries. A living trust is established while you are still alive, as opposed to being created upon your death. Read More

Don’t Make These Common, Expensive Mistakes: How to Leave Assets to Minor Children

Most parents want to make sure their children are provided for in the event something happens to them while the children are still minors. Unfortunately, good intentions and poor planning often have unintended results. Here’s how to both protect and provide for the children you love. Read More

3 Tips for Overwhelmed Executors

While it is an honor to be named as an executor of a will or estate, it can also be a sobering and daunting responsibility. Being an executor (sometimes called a personal representative) requires a high level of organization, foresight, and attention to detail to meet responsibilities and ensure that all beneficiaries receive the assets to which they are entitled. If you’ve found yourself in the position of “overwhelmed executor,” here are some tips to lighten the load. Read More