You cannot name a legal minor as a beneficiary. This applies to almost all legal documents, most notably wills and life insurance policies.
If you die without a will, you die “intestate” and your assets will be distributed according to your state’s law. That could result in a distribution you didn’t intend.
The amount of money required to probate a will can vary by state.
If having assets distributed outright to a beneficiary could cause potential problems, there are several reasons to think about creating a trust.
A formal probate process involves specific, usually straightforward steps. Issues that may arise during the process can lengthen the time it lasts until it is closed by the court.
If a child you’ve added to your deed goes through a divorce, has tax issues, is sued by someone, or must declare bankruptcy, your house could be on the chopping block!
The term ‘estate planning’ conjures specific ideas about leaving assets to heirs, fighting over Mom’s jewelry and lengthy entanglements with the probate court.
Time is one of your greatest assets or your worst enemy when planning for retirement. The earlier you start saving for retirement, the more time that money has to grow. That means you have to save fewer dollars earlier, in order to achieve your financial goals later.
An LLC is a particularly flexible form of business entity that is governed by statute and most often is organized in the estate planning context as a ‘manager managed’ LLC.
When was the last time you updated, or even thought about, the beneficiary designations listed on your retirement accounts, life insurance, or annuity contracts? If you don’t remember, it’s time for a review!
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