While wills and trusts may appear rather confusing and more effort than they’re worth, they are invaluable tools to avoid probate court. These documents may also save your loved ones and beneficiaries from litigation over possessions, land, and assets. A trust will help to keep any arrangements clear. In truth, you should try to avoid probate litigation because not only can the process be costly, it can also be time consuming and damaging to personal relationships. Although litigation may resolve a dispute, the parties pay in other costs, that include spending valuable time away from work and family. The
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Like with your house or any other property you own, you may appoint a health care power of attorney (HCPOA) who will make critical decisions regarding your health. When correctly established, you will be named as the ‘principal’ and you may choose your ‘agent'. When it comes to health, they are potentially the most important decisions that we have to make and so appointing a HCPOA that we trust can be pivotal for when we are no longer able to make such decisions. If you happen to be in a poor state of health, your trusted ‘agent’ will be able
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When people hear the phrase ‘living will’, they assume that it is a different kind of normal will that divides property after death but this simply isn't the case. If you haven't yet looked into living wills, now could be the time because it could just be one of the most important documents you sign. As mentioned, livings wills don’t look post-death but instead the health care or treatment you receive when ill or not able to make decisions. By drawing up a living will, it lets everyone know your wishes in terms of treatment for end-of-life medical care. Otherwise
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As you pass through life, you will have undoubtedly filled out some beneficiary designation forms. Whether you’re purchasing a new life insurance policy or simply opening a new bank account, this simple document states to whom the money should be passed if you happen to pass away. Over time, you may forget about certain accounts and who the beneficiaries are which is why it is important to review your beneficiary designation forms often. As long as you keep track of these forms, your money will end up with the desired beneficiary in the event of your passing. Life Insurance -
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If you have never heard the term ‘estate planning’ before, you will want to carry on reading this because we are going to offer some fantastic advice. If you have recently gotten married or have been married for a while without estate planning, you need this information even more. Even if you happen to fall into the latter category, don’t worry because we have all the information you will need.
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In life, we try to prepare for everything as best we can but this isn't always possible. Sometimes, couples go from happily married to divorced in a short amount of time and this has sadly become natural. However, what does this mean for estate planning?
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In recent years, we have learned just how important it is to arrange a will and all our finances at an early age. If you haven't yet taken action towards planning your finances or what will happen when you pass away, keep reading...
Read article After losing a loved one, often the last thing we want to think about or discuss is the future. However, the items that are left behind by the deceased have to be dealt with and the process has to begin at some point. Over the years, the courts have developed a system of deciding who gets what and this is called ‘probate’.
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No matter who you are and what you do for a living, planning your estate is one of the most important things you can do in life. Although more and more people are starting to realise this, there are still some that are making key mistakes. For this reason, we have made a list of the most common mistakes for you to avoid. Not Planning At All - Before we dig any deeper, we should point out that the biggest mistake of all is not having any plans in place. No matter how much we like to avoid the topic, we
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When looking for ways to protect assets, one of the most popular methods can be found with trusts. Once assets are placed into a trust, it becomes the trust’s property and is subject to the rules laid out by the trust itself. Whilst the ‘trustee’ is the holder of the title, the ‘beneficiary’ will see the benefits of the trust. Although there are two main types of trust - revocable and irrevocable - there are a couple of others too so let’s take a look. Revocable - As the name suggests, this is a trust that can be altered, modified, or
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