3 Mistakes to Avoid When Designating Beneficiaries
Many people have not properly designated beneficiaries for their retirement accounts, their annuities, or their life insurance policies. The problem is that many individuals make mistakes when filling out beneficiary forms, so these important documents are left blank or completed incorrectly. If you want to make sure...
Avoid Probate Court by Opening Transfer on Death Accounts
An estate that is very complex can take as long as two years to probate, but even smaller estates will require at least six months to complete the process. It is also expensive, and Americans pay an average of about $2 billion in probate costs every year. Estate planning makes it possible for you to save your family...
Which Duties Are Held by an Executor?
Duties Commonly Performed by an Executor If you've been thinking about making a will, you will need to determine who will be the executor. Despite the importance of creating a will, less than 33% of people in the U.S. have done. When you want to prepare a will as part of your estate plan, one key component is...
Explore the Perks of Avoiding Probate
Should You Try to Avoid Probate? With over $2 billion being spent in probate each year, more and more people are starting to wonder if probate is right for them. Probate is a lengthy process that involves validating a person's will and paying taxes on their estate. Though probate has some benefits, it is usually...
How a Special Needs Trust Works
When You Should Consider Setting Up a Special Needs Trust Disability benefits like Social Security place a limit on how much income a person can receive before their benefits are reduced. In 2019 alone, disability benefits were paid to nearly 10 million people. To reduce the possibility that benefits are reduced,...
Is It Possible to Disinherit One of Your Children?
How to Disinherit a Child The most common type of beneficiary in a will is the child of the deceased. However, not everyone has children who need or deserve to inherit their parents' wealth. If you are in this situation, there are a few things to know about disinheriting a child. You Are Not Legally Required to Give...
How to Dispose of Digital Assets When You Pass
A trend in estate planning that continues apace with each passing year is associated with the disposition of digital assets upon a person's death. The reality is that an ever-growing number of people accumulate digital assets during life that require consideration when developing a comprehensive estate plan. Digital...
What Makes a Will Valid in New Jersey?
How Do You Create a Valid Will? Did you know that only 42% of adults have estate planning documents in place? If you do not have a will yet, it is definitely time to start thinking about it. When you write your will, you just need to take a few precautions to ensure it is valid. What Requirements Do You Have to Meet?...
What Are Charitable Trusts and Why Are They Used?
All About the Basics of Charitable Trusts As of Jan. 2019, an alarming 78% of American workers were living paycheck to paycheck. If you're lucky enough to have wealth, you should take every possible precaution to ensure your assets go into the right hands after your death or incapacitation. Here, we explain the...
What Are the Reasons to Challenge a Will?
Reasons That You May Want to Challenge a Will Nearly 99% of wills that are made in the United States are not contested. Even so, there are many reasons to challenge a will. A will is the last word of the testator, so the courts give it an inordinate amount of weight. Testamentary Capacity If there is any reason that...