At any given time, the average American maintains between 30 and 50 online accounts. These may be with banks, financial institutions, utility companies, email providers, social media outlets, commercial shopping or travel sites and accounts unique to technology, such as an account to purchase apps for a smartphone.
Will there be changes in your circumstances or your family that should lead to a review of your plan? Could some events cause you to need to revise or update the plan?
Some people choose, upon their passing, to give their inheritance to a specific charity or organization. The great news is you don’t need a famous surname to give like a philanthropist.
If you own any property at all, you probably know about estate planning. You can decide what happens to your assets after you die, of course.
Estate planning might sound like something that’s just for wealthy people with huge beach houses and billions in the bank. However, the truth is that estate planning is something we all need to think about.
In early 2022, Bloomberg News reported that Americans can expect to inherit $72.6 trillion over the next quarter century—more than twice as much as a decade ago. With so much potential generational wealth on the line, there is always a risk that it will become the subject of a dispute.
Estate planning helps you avoid many unfortunate situations. While it can take some time and money upfront, you can avoid many worse problems later on.
Probate court is a segment of the judicial system that oversees the execution of wills as well as the handling of estates, conservatorships and guardianships.
A pot trust, also referred to as a discretionary, sprinkling or common pot trust, is a type of trust that can be used by families to pass on assets. With this type of trust, minor children serve as beneficiaries with a trustee that oversees the management of trust assets. The trustee has discretionary power to decide how the trust funds are used to pay for the care and needs of beneficiaries.
Estate planning is not just for the wealthy. Anyone with a bank account, house, car or other personal property should have a will.