Homes are illiquid assets that produce no income and come with ongoing costs for upkeep. Those issues can cause some snags with your trust.
Dealing with the loss of a loved one is never easy. When inheritances, homes, estates and mortgages are involved, tensions can run high within a family. It is easy to get lost in the paperwork and terms.
Your dad bequeathed you a generous sum of money on his passing. Those gifted and inherited assets, in many instances, will be considered ‘separate property,’ not marital property. That might mean that they might not be subject to division, if you divorce. However, perhaps you want to backstop that hoped for result to make the protection more likely to stick if your marriage doesn’t work out.
Here are some important parts of your estate plan that should be reviewed.
Estate planning should always be customized to each individual creating a plan. This is particularly important when planning for beneficiaries with disabilities.
If you don’t have a spouse or children, you might think you don’t need to do much estate planning. However, if you have any assets, familial connections, or interest in supporting charitable groups – not to mention a desire to control your own future – you do need to establish an estate plan.
There are good reasons why people want their estates to avoid probate, and a lot of ways to do it.
While the number of older Americans with wills has been dropping in recent years, that doesn’t mean you should forego this legal document.
Diana Rigg left her daughter Rachael Stirling £3 million of her fortune after a “traumatic” time living with her before she died, according to reports.
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