Taking the step to create a sound estate plan is wise. Too many people put it off and end up dying without even a simple will. This can create unnecessary expense and conflicts for their family.
Many estate planning attorneys recommend that in addition to having a will, their clients set up a revocable trust. Revocable trusts allow your assets to be more distributed expediently according to your wishes after you die. A revocable trust also makes it easier for your executor to pay any bills or outstanding debts.
Overall, your odds of successfully challenging a family member's or loved one's will are low. Judges are inclined to respect the wishes of the decedent (known in legal terms as the testator) if the will was properly prepared according to state law.
Estate planning is important for just about everyone. However, if you own a business that you want to thrive long after you're gone, a carefully crafted estate plan is essential. A business owner can use his or her estate plan to designate who will own and manage the business and who will benefit from its continued success.
Some people choose to leave their children out of their estate plan because they believe they've given them more than enough advantages and financial help to become thriving, self-sufficient adults. Billionaires Warren Buffett and Bill and Melinda Gates, for example, are leaving relatively small portions of their wealth to their children and the majority to nonprofit organizations.
Putting together an estate plan is the best way to protect yourself, your heirs and your assets upon your death. When you create an estate plan, you are putting into writing how you want your assets distributed after you are gone. You also outline who will raise your children should you pass away before they turn 18. All of these items are important to live a stress-free life.
People are increasingly diversifying their assets to include bitcoin and other cryptocurrencies. They are popular in part because they allow anonymity for the buyers who purchase them on an exchange.
One of the most important decisions you'll make when developing your estate plan is deciding who will be your executor. Generally, people choose their spouse, an adult child or sibling for this position. However, it can be just about anyone you feel will be willing and able to carry out the responsibilities.
Ah, the holidays. That happy time of year when Maryland families gather together to break bread, give thanks, share traditions . . . and discuss what happens when somebody dies?
After a loved one has died, when people find out that they inherited a home, it may seem like a small glimmer of joy during an otherwise difficult time. However, inheriting property comes with complications, and important decisions will need to be made.