Your family home is worth $250,000, but you want to essentially give it to one of your children. You have now moved out, and you live in a nursing home anyway, so it seems like a good idea to pass it on independent of your other estate planning. That is to say, you're not going to wait for it to go to your heirs with the rest of the estate.
When you create your estate plan, you pick an executor. It's one thing to write out the plan, but you must remember that you won't be around to put it into action, so you need someone to do that on your behalf. You want to talk to them first and make sure they're up for the job.
Thinking about putting your assets into a trust as part of your estate planning, but unsure if you want them to stay in that trust for good? If so, you're in luck. You can make a temporary trust, or a limited-term trust.
As you do your estate planning, you talk to a friend who is also doing theirs. This friend has three children, but they're estranged from one of them. They never talk, and they haven't in years. You know that they do not want to leave their inheritance to this child.
Thinking of leaving unequal bequests to your children? This simply means splitting up the estate in a way that does not leave the exact assets to everyone. Suppose you have three children and $900,000. Instead of giving them all $300,000, you leave half of the estate to your firstborn and leave the remainder split between the other two.
You have a lot to consider when looking at your estate plan as you get married again. A second marriage can complicate that plan, no matter when in life it happens. That's not to say you shouldn't get married, but just that you need to carefully consider what it means and what you can do about it.
You decide that it's time to write a will. You have a fair amount of complex assets, but much of your wealth comes from a life insurance policy. You know that it's going to pay out when you pass away, so you write into the will that the money should get split evenly between your three children. It seems easy enough, and you assume that covers it.
If you pass away and your estate goes into probate, your heirs probably hope it wraps up quickly. Unfortunately, it may not. This process can drag on for weeks or months, depending on a lot of different factors.
The population in the United States is trending toward including more and more elderly individuals. This is happening because baby boomers -- the population spike seen right after the end of World War II -- are growing older and pushing the numbers up.
You decide to do your estate planning, and your assets are actually not your main concern. You want to get things set up for your children, who are still minors. As such, your first order of business is to pick guardians for the kids.