Is Estate Planning and Writing Will the Same Thing?
Many people think that estate planning and writing a will are the same. However, one is actually just part of the other.
Many people think that estate planning and writing a will are the same. However, one is actually just part of the other.
A last will and testament is essential for every adult. It establishes one’s wishes for distributing their property, whether real or personal, after death.
The misconception that estate plans are only for wealthy individuals often prevents people from putting a plan in place. However, having an estate plan is beneficial for anyone.
From time to time, it’s good to review why having a complete, up-to-date estate plan is so important.
A Last Will and Testament is a document you create during your lifetime that directs where your assets that are subject to probate (the formal process of having your assets distributed through the court system) will go at your death.
Trusts and estates are the two main legal structures for transferring assets to your heirs and beneficiaries. Each works in critically different ways.
My mother told me many times over the years that she had a will, and I believed her. When she passed away, we discovered that her will was 40 years old—and completely useless.
Social Security recipients likely already know that their benefits get a bump almost every year to counteract the effect of inflation. However, that cost-of-living adjustment is just one of several annual tweaks to the Social Security system.
In early 2022, Bloomberg News reported that Americans can expect to inherit $72.6 trillion over the next quarter century—more than twice as much as a decade ago. With so much potential generational wealth on the line, there is always a risk that it will become the subject of a dispute.
As the American population of seniors continues to expand, the need for intentional estate planning becomes more urgent, especially for the children of aging parents.