The coronavirus (COVID-19) has caused major disruptions throughout the country, causing many of us to consider our family’s health and future. Uncertainties persist about what lies ahead and one of the most important ways to protect yourself and your loved ones is to create a comprehensive estate plan that accounts for many of these uncertainties. There is no better time than now to assess your current health and financial situation and consider a thoughtful estate
Introduction For many people, the first thing that comes to mind when discussing an estate plan is a will. A will accomplishes some of the basic goals of estate planning: effectively and efficiently transferring your property to whomever you choose after you die. However, a will is not the only way to transfer assets after you die. A trust can also be used to do this and offers some additional benefits that a will lacks.
Estate Planning, Living Trust, Probate, Will
Dying without a will can cause added stress and grief for your loved ones after you pass away. Instead of getting to decide what happens with your property after you pass, the state has default rules that decide for you. Additionally, those you leave behind will have to deal with the time, cost and stress of the probate process in court to legally transfer your assets. Dying without a will is called dying “intestate.” In
Estate Planning, Intestate, Living Trust, Will
Many people have a negative opinion of probate and many clients set up their estate plan specifically to avoid probate. Probate can be costly, have significant delays and publicizes the estate of the deceased. There are significant advantages to developing an estate plan that avoids probate, but it is worth mentioning some of the positive aspects of probate as well. Many estate plans involve a well-drafted will that ensures a smoothly-run probate process. Here are
Estate Planning, Probate, Will
As the coronavirus continues to disrupt daily life and leave American families uncertain of their future, you don’t have to feel helpless during this pandemic. In fact, now is a great time to be proactive and plan ahead should you or a loved one fall ill. One of the most important and relatively easy things you can do (and should do) is to select a medical agent and set up your advance healthcare directive. What
Advance Healthcare Directive, Coronavirus, Estate Planning, Medical Agent