This remarkable court case from Oklahoma demonstrates how crucial it is to have a clearly written will, ideally by an experienced estate planning professional: A man passed away and was survived by two adult children and a grandson. The man left a one-sentence handwritten will – called a holographic will…
Although the term “estate” makes many of us picture huge, luxurious houses, estate planning isn’t just for the ultra wealthy. All of the property you own – including your home, heirlooms, jewelry, accounts, and insurance – is your estate. Estate planning is important for the present and future management of…
End-of-life planning is often a sensitive topic to talk about with our closest family and loved ones, but it is also a necessary topic to discuss to set families at ease and to avoid unnecessary stress and legal hurdles. Estate planning meetings usually involve adult children with their elderly parents,…
Many people think of a Last Will and Testament as the main tool for “normal” estates, with trusts only being for large estates. However, revocable living trusts are one of the most underutilized estate planning tools. Living trusts are documents that give a set of instructions for the use of…
When it comes to estate planning, people tend to focus more of their attention on large items and accounts such as real estate, business interests, and investment accounts. When this happens, personal possessions that might seem mundane and a part of everyday life are often overlooked. It’s these day-to-day objects,…
About four out of every ten families are blended families, according to recent statistics. Estate planning for blended families can be complex, both in terms of the logistics surrounding financial and tax planning and the emotional aspects of those decisions. Here are tips to consider if your family is a blended…
Last week I wrote about 3 important components of planning for your non-financial legacy. Here are 4 more essential components to include in your legacy planning: 4. Family Heritage The roots of your family tree are part of your identity and show you some of the family behaviors and patterns…
Much of estate planning focuses on financial planning and documents such as wills and trusts. While making these plans for how you will pass on your physical assets, it is also an opportune time to focus on your intangibles. What impact do you want to have on your family and…
Those who draft Wills often include a “no-contest clause” in a decedent’s Last Will and Testament. If an heir challenges the validity of the decedent’s Will, this clause provides for the disinheritance of that heir. Although the no-contest clause could have this effect, it might also be defeated during a…
In last week’s post, I wrote about the importance of digital assets and including them in your estate plan. Here are a few steps you can take to plan for these assets: (1) Create a Digital Assets Inventory: Digital assets don’t have a physical presence, so a digital wallet holding Bitcoin…