If you are worried that disappointed heirs could contest your will or trust after you die, one option is to include a “no-contest clause” in your estate planning documents. A no-contest clause provides that if an heir challenges the will…
Life insurance can play a few key roles in an estate plan, depending on your age and situation in life. There are two main types of life insurance: term and permanent. Term life insurance is the simplest: You buy a policy…
Your will is a legally-binding statement directing who will receive your property at your death. It also appoints a legal representative to carry out your wishes. However, the will covers only probate property. (Probate is the court process by which…
While it may seem great to inherit a vacation house, in actuality it may not be practical to keep the property, especially for tax reasons. There are many factors to consider when inheriting property, including taxes, any mortgage, and other…
When you inherit property, such as a house or stocks, the property is usually worth more than it was when the original owner purchased it. If you were to sell the property, there could be huge capital gains taxes. Fortunately,…
Many websites offer customized, do-it-yourself wills and other DIY estate planning documents. Although such products are convenient, using them could create serious and expensive legal problems for heirs. These digital services appear to offer a cost-effective and easy alternative to visiting…
Revocable trusts are a very popular and useful estate planning tool. But the trust will be ineffective if you do not actually place your assets in the trust. Revocable trusts are an effective way to avoid probate and provide for…
Many people believe that if they are single, they don’t need a will or other estate planning documents. But estate planning for single people is just as important as it is for couples and families. Estate planning allows you to ensure…
A trust is a legal arrangement through which one person (or an institution, such as a bank or law firm), called a “trustee,” holds legal title to property for another person, called a “beneficiary.” Trusts fall into two basic categories:…
Allocating your personal possessions can be one of the most difficult tasks when creating an estate plan. To avoid family feuds after you are gone, it is important to have a plan and make your wishes clear. When passing on…