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Month: July 2019

What are the advantages of a POD account?

A payable-on-death (POD) account is a bank account that has a beneficiary designation. Essentially, you have the ability to use a Totten trust – the technical name for the necessary paperwork – and transform your personal bank account into a POD account if you would...

Do most people already have an estate plan?

If you haven’t made an estate plan yet, you may think that you’re falling behind. Perhaps you assume that most people already have a plan in place, and you’re the one who needs to get caught back up. In fact, maybe this assumption is why you are now considering making...

Mistakes to avoid when creating an estate plan

Estate planning is an important part of financial management. Having an estate plan in place means you can have confidence your assets will be distributed based on your wishes after you pass away. However, many people make mistakes during the estate planning process...

What to look for in an estate executor

Your estate executor is the person who will be in charge of reading your estate planning documents and following the instructions that you have listed within. Say that you have two adult children and you want to divide your financial assets between both of them. The...

Estate planning isn’t just about money

For many people, the main focus of estate planning is money. They have amassed a certain amount of wealth and they want to make a plan to pass that wealth to the next generation. They can write a will, put money in a trust, use a payable-on-death (POD) account and...

Why do will disputes happen?

A will is a document that outlines the deceased's last wishes. Courts often scrutinize wills closely to ensure there are no issues. However, there may be reasons to invalidate a will.  A will dispute could make probate take longer, but it may be necessary. Here are a...

What happens to your digital assets when you die?

You may not consider your digital assets when considering estate planning. However, it is essential that you plan for these, as well as your tangible assets.  Digital assets encompass a wide range of electronic records and accounts, including social media profiles,...

A will is not the only way to bequeath your assets

Many people who haven’t yet begun the process of developing an estate plan think that the will is the only instrument used to designate how assets will be distributed after they die. While the will is always the central document of an estate plan, there are multiple...