More than 50 percent of Americans find estate planning important, yet statistics show only about 33 percent have a will. caring.com Those individuals with a will may have moved to a different state or forgot to update their will after life events such as marriage, divorce, births, and deaths, making it ineffective. One of the […]
A will is legally binding when properly filled out, addressing who receives your assets and properties after you die. Your will names a personal representative (executor) who will carry out your directives. In addition to asset distribution, your executor makes a public notice of your death, files your final taxes, and records your will in
Estate planning is a multifaceted process involving the creation of several documents spelling out a person’s wishes. During the process, you can name people to make financial decisions on your behalf when you are unable. You can designate beneficiaries for your assets. You can also express your wishes for what type of medical care you
Farm and ranch real estate and related livestock, equipment, and other personal property face unique challenges for succession and estate planning. There is a common misconception that federal estate taxes threaten farm or ranch property, preventing assets from getting to rightful heirs. Over the past twenty years, legislation has managed to ease the estate tax
Without a plan, your estate’s financial future and legacy for your loved ones become the administration of your state’s intestacy laws in the courts. Dying without an estate plan or a basic will creates confusion, work, and heartache for your family at a time when they should be mourning your loss. Aside from not having