People put off writing their will because they might be busy, or have it in their mind but just don’t know when to do it. Although everyone thinks about writing a will, or know how important it is to have one, not everyone gets it done. Not having a will doesn’t seem like a problem when you are alive, but after your death, your family will be left in a very difficult situation. Read here what happens when you die without a will.
A lot of times, people hide their Wills or estate planning docs in secret locations where they'll likely never be found after their death. Or they'll put their Will in the care of unreliable caretakers, whom may forget they even have the documents and never truly know when is the right time to present it to the family after your death. Consider this illuminating case that winded its way through the NY court system and provides a cautionary tale about safeguarding your documents.
The lack of estate planning has lead Aretha Franklin’s family to lengthy court battles, major expenses and great amount of stress. Although a will would have been helpful, even a will could not have saved Aretha Franklin’s family from going to court, because of the size of her estate.
Regardless of your financial status, planning for incapacity or your eventual death is something that you should immediately address, especially if you have children. Here's what Aretha Franklin’s death taught us.
Collecting life insurance policy proceeds is not always a complicated process, but after the death of a loved one, everything seems difficult. You want to be prepared and avoid having more stress added on during such a tough time. Knowing all the steps that need to be taken beforehand will help you get access for the proceed easier and in much less time. Here is how the process works, and what you should be aware of.
Talking to your children about money is a very important task and should be done in different stages. This conversation doesn’t happen all at once in one day, in fact you will need to consider their age before talking about family wealth and how it plays a role in their life. Here is how you should approach each stage when having “the money talk” with your children.
Your biggest responsibility as a parent is making sure your child is not in the hands of strangers or anyone you wouldn’t want your child with. While you try your best to take care of your child in every way, child abduction is still a real and scary event that happens even today. The difference is the speed with which the children are found. An AMBER alert is the catalyst that speeds up the process. Here is more about The AMBER alert system and how it has helped many families.
Most people don’t find estate planning necessary, but there are certain things you should do immediately. Avoiding estate planning will end up hurting your loved ones in the long run, they will end up paying much more for a simple task you could complete now. Plan now so that your loved ones are not stressed after your death. Here are tips to help you make smart decisions for the benefit of your loved ones’ future.
Although a will is the more popular method of passing down assets to heirs, a trust can do the same task with a few differences. A lot of people go with a will because they are not aware of what a trust is and all the benefits of having one. Both methods are not only different in the way they are created, in fact there are major differences considering the future. Here are the differences to help you understand what option is better and why.
It is common for family members to fight during the passing of family heirlooms from one generation to the next. However, this can be easily avoided if you clearly state in your estate plan, what item you would like to pass to which family member. In fact, there are multiple things you can do as a part of your estate plan to avoid family conflicts when passing family heirlooms.
Moving out is a big step for your kids as they are starting a new phase of their life. You might not have thought about what would happen if they were to become incapacitated, but that is a very important thing to consider before you kids move out. As they turn 18, you will not have access to their financial or medical records, unless they sign certain documents to allow you access. Here are documents you should make them sign so that they are taken care of in an unforeseen accident or illness.