If your beneficiary designations are out of date and you die without updating those designations, your assets could go the wrong people–a former spouse, for example–no matter what your will says.
There’s no single path for everyone to follow. However, you might consider establishing a trust, which offers some key benefits.
Before making a decision on a beneficiary, it’s very important to check your state laws. Some states have different rules on who you can name as a beneficiary.
The main responsibility of an executor of a will is to carry out the final wishes of the person who bestowed that position of trust.
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.
Equally sharing the wealth among the children isn’t always fair, such as when one sibling is the primary caretaker, or another is already wealthy.
From time to time, it’s good to review why having a complete, up-to-date estate plan is so important.
Trusts are sometimes offered as a ‘cure all’ solution to estate planning problems. It is true that some issues lend themselves to the use of trusts.
With a charitable tax deduction, you can donate to a good cause and cut your tax bill at the same time.
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.