I Don’t Have an Estate Plan
The Covid-19 has produced a rise in estate planning…but not a large enough one. Most Americans still do not have a last will and testament.
November 25, 2020
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The Covid-19 has produced a rise in estate planning…but not a large enough one. Most Americans still do not have a last will and testament.
Most people wish to have more control over who and how their assets are managed than what the state laws provide, and so they draft documents that can override the Laws of Intestacy, when those laws do not match their objectives.
First, let’s debunk the myth that an estate plan needs to be both elaborate and expensive.
My big brother died of COVID-19 and he didn’t have a will. He divorced 20 years ago and has no children, but his ex is telling me she should get an inheritance. Who has the right to his money?
Estate planning is the process of arranging who will receive your assets when you die.
The passing of a spouse is a devastating time in a person’s life and one that throws their world into turmoil. While in the midst of grieving, they’re confronted with a multitude of responsibilities requiring their attention — not only the immediate tasks of preparing for memorial services and notifying family and friends, but also beginning to tackle the requisite legal notifications and financial changes.
You would like to pass a house tax-free to your heirs. After all, you want to give them a gift, not the burden of taxes. How do you do that?
Looking for an extra incentive to spend some quality time with your grandchildren? Try telling their parents that it could extend your life.
Without an estate plan in place, clients will be reliant on state laws and probate courts to appoint individuals who will be responsible for financial affairs and health-care decisions, in the case of illness and ultimately the transfer of assets upon death.
More and more often, estate beneficiaries are retaining their own attorneys to make sure that the executor properly administers the estate.
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