Updating your will is not just a one-time event. It’s an ongoing process that ensures your estate plan remains relevant and effective. In this article, we’ll delve into the times when you should update your last will and testament and the reasons that can make it necessary. Therefore, if you’re someone who can make a difference through charity or simply want to ensure that your estate planning documents are up-to-date, read on! Why Should You Update Your Will? Your will is a reflection of your wishes at a particular point in time. However, as life evolves, so might your desires…
Estate planning, once limited to human beneficiaries, has now extended to include beloved pets in order to provide for their well-being after the owner’s death.
One of the most commonly recognized instruments for protecting assets for a disabled beneficiary is through the use of a Special Needs Trust, also known as a Supplemental Needs Trust.
When planning your estate rarely will you experience difficulty naming your initial beneficiary or beneficiaries for your will, IRA’s or life insurance.
Before the original SECURE Act, IRA owners who died were able to leave their accounts to their children, grandkids, or other non-spouse individual beneficiaries, and heirs could stretch required minimum distributions (RMDs) over their own lifetimes, thus allowing the funds in the accounts to grow tax-free for decades.
These six steps can help future caregivers know where aging parents stand financially, as well as help them to avoid surprises that could imperil their own retirement.
As life is unpredictable, it is better to start planning sooner rather than later. In fact, upon attaining the legal age of majority in your state of residence (typically at age 18), you should begin considering some form of an estate plan.
