We found that Covid-19 had a significant impact on Americans' sense of personal readiness, with 65% saying that coronavirus made them realize the importance of sharing important information with family. Around the same amount of people (64%) noted that planning for the future was more important than ever and half (50%) said the pandemic made them realize how unprepared they were for a serious emergency.
If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.
Talking about death makes most of us uncomfortable, so we don't plan for it. That's a big mistake, because if you don't have an end-of-life plan, your state's laws decide who gets everything you own.
By discussing finances with your children early and often, you can set them—and future generations—up for success, when it's time to receive the wealth you've accrued.
Probate and trust administration are not the same. There are important differences and similarities between administering a decedent’s probate estate and administering a decedent’s trust estate.
If you want a legal plan that avoids probate court, there are two options: first, an enhanced life estate deed, and second a living trust. Each has its pros and cons.
The coronavirus crisis has cascaded through pretty much all areas of the financial world, leaving very few businesses unscathed. Uncertainty has always been the enemy of financial stability, and unfortunately, foundational questions about how long the recovery will take and what the future will look like post-crisis do not have clear answers. Understandably, this is a cause of worry and concern for many.
