4 Tips for Avoiding a Will or Trust Contest

A will or trust contest can derail your final wishes, rapidly deplete your estate, and tear your loved ones apart. But with proper planning, you can help your family avoid a potentially disastrous will or trust contest.  

If you are concerned about challenges to your estate plan, consider the following:

1. Do not attempt “do it yourself” solutions. If you are concerned about an heir contesting your estate plan, the last thing you want to do is attempt to write or update your will or trust on your own. Only an experienced estate planning attorney can help you put together and maintain an estate plan that will discourage lawsuits and ensure all legal formalities are followed.  Read More

Consider “Micro” Estate Planning in the New Year

You are probably familiar with the idea and benefits of traditional estate planning: eliminating probate fees, lowering tax liabilities, and providing financial peace of mind and security for your loved ones. If you do not currently have an estate plan, you should consider getting one as soon as possible.

But while many are aware of traditional estate planning techniques, they may not be familiar with the more short-term planning approach—often referred to as “micro” estate planning. As the New Year approaches, now is a great time to sit down and put your short-term wishes in a legal document. Read More

Estate Planning…A must whether you have a little or a lot!

While everyone is celebrating during this holiday season, the manner of these celebrations can vary based on differing family traditions, religions, and geographic regions. Estate planning is no different—protecting your family’s future must be customized to fit your and your family’s unique needs. No matter your level of wealth, it is important to understand that the reasons for estate planning are universal.

Estate Planning Basics: There are several reasons why an estate plan is necessary for everyone. Some of these include protecting beneficiaries, sidestepping probate, protecting assets from creditors, and avoiding a mess in the event of incapacity or death. Estate planning gives you the tools to specify what happens to you, your assets, and even your loved ones should you pass away or be unable to handle your own affairs. Read More

My Trust is Signed, No Probate for My Family, Right?

Planning ahead has obvious benefits. Whether you’re planning a vacation or researching for a job interview, it’s always smart to outline your priorities and anticipate potential challenges that may arise. Planning your estate has similar benefits. With plans clearly established, your wealth and assets are protected should you pass away or become incapacitated. It’s important to be aware, however, that simply meeting with an attorney and signing a trust does not mean your estate planning process is complete. Without properly funding your trust, your assets could still be forced through the probate process. Read More

Three Tips for Talking About Your Estate Plan During the Holidays

The holidays are right around the corner, bringing the joyous season of gathering with family and loved ones into full swing. It is the time to slow down, get caught up with loved ones, and enjoy the family and experience quality time around the dinner table. It is also a great idea to take this opportunity to review your estate plan and talk about the topic with your loved ones.

Do Not Be Indifferent. While the entire topic of estate planning can be a touchy subject, covering your eyes about the issue is not good for you or your family. According to a Caring.com survey from 2017, as many as six in 10 Americans do not have an estate planning document put together –  like a will or a trust. This is particularly alarming when it is estimated that $30 trillion in wealth is set to transfer between baby boomers and their heirs in the next few years. Read More

Wills, Trusts & Dying Intestate: How They Differ

Most people understand that having some sort of an Estate Plan is a good thing. However, many of us don’t take the steps to have an estate plan prepared because we don’t understand the nuances between wills and trusts – and dying without either.

Here’s what will generally happen if you die, intestate (without a will or trust), with a will, and with a trust. For this example, we’re assuming you have children, but no spouse:

1. Intestate. If you should die intestate, your estate will go through probate and all the world will know what you owned, what you owed, and who got what. Your mortgage company, car loan company, and credit card companies will all seek payment on balances you owed at the time of your death.  Read More