A person named as a transfer on death (TOD) beneficiary for an account will receive the assets held in it when the account owner dies.
Firearms are unique in this regard; guns are the only item of personal property that carries an inherent risk of legal peril, including potential criminal liability, so careful and deliberate planning is warranted.
When you draft your will, you should name an executor.
Amid the grief of losing a loved one, families are dealt additional burdens when the person did not leave behind a will or estate plan.
Trust funds are an essential estate planning tool. They can protect your assets while you’re alive and help ensure that you leave money to your children or other loved ones after you die.
Establishing a joint revocable trust can be an ideal estate planning tool for the benefit of your children, grandchildren and beyond.
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.
In presentations regarding essential actions individuals should take regarding inheritance, emphasis is usually placed on drafting a will. This leaves unanswered what happens to assets that do not pass by will —so called non-probate assets.
Here are some important parts of your estate plan that should be reviewed.
There are good reasons why people want their estates to avoid probate, and a lot of ways to do it.