When planning your estate, a crucial decision is selecting the person who will manage it after you’re gone. This role, known as an executor or personal representative, comes with significant responsibilities, including distributing assets according to your wishes, paying off debts, Continue reading
Month: August 2024
Pros and Cons of Naming Many Residuary Beneficiaries in a Will or Trust
When drafting a will or trust, one important decision is choosing who will inherit your residuary estate—the assets remaining after debts, taxes, and specific bequests are handled. Naming multiple residuary beneficiaries has both advantages and drawbacks.
Pros:
- Fair Distribution: Continue reading
Can I Plan Without My Spouse?
Estate planning is crucial, even if your spouse isn’t fully on board or involved. While it’s ideal to plan together, you can take steps independently to ensure your assets and wishes are protected.
- Separate vs. Joint Assets: For assets solely in your name, you have the right to decide Continue reading
Charitable Planning: Make a Difference with Your Estate Plan!
Incorporating charitable giving into your estate plan is a meaningful way to extend your legacy and support causes close to your heart. Here are some key benefits and strategies to consider:
Benefits of Charitable Planning
- Tax Advantages: Charitable contributions can reduce estate Continue reading
Fewer Americans Creating Estate Plans: A Growing Concern
In 2024, research indicates that less than one-third of Americans have a will, signaling a troubling trend in estate planning. This decline can have serious repercussions, not only for individuals but also for their families and loved ones.
Why This Matters:
- Legal Complications: Continue reading