Succession planning involves accounting for the worst-case scenario. Without accounting for these risks, your plan could fail, require expensive litigation or jeopardize the family farm.
From contentious relatives to scam artists, wills are not immune to the threat of a contest. If you have an inkling such a fight could be in your estate’s future, here are some ways to limit the risk.
Thinking about what happens to your family when you pass away may be upsetting. However, it can be a good way to reduce the stress your loved ones will deal with during the grieving process.
Robert, the older brother, and Lon, the younger one, were close as they were growing up in the Queens borough of New York City. However, when their mother passed away and left the bulk of her estate to Robert, Lon was devastated.
Doing some ‘upstream’ planning now will take the guesswork out of what’s coming your way.
Estate planning is one of the most important steps you can take for yourself and your loved ones.
Probate court is a segment of the judicial system that oversees the execution of wills as well as the handling of estates, conservatorships and guardianships.
People who have had a serious case of COVID-19 are 66% more likely to engage in estate planning, and 32% of adults under 35 said they wrote a will because of the pandemic.
A qualified terminable interest property (QTIP) trust allows an individual, called the grantor, to leave assets for a surviving spouse and determine how the trust’s assets are split up after the surviving spouse dies.
Do you know what will happen to your property, belongings and debt when you die? What about your children? If you haven’t created an estate plan, now’s the time to start. Here’s how.