Writing a will is perhaps one of the most important things you can do as a new parent. Yet, being young and in the prime of their lives, writing a will is rarely something new parents think to add to their to-do lists. Such an oversight could prove costly. In the...
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Estate planning
Why you probably need an estate plan
An estate plan might sound like something reserved for high-profile figures or generationally wealthy families, but, in reality, they are something that most people need. The planning process can include writing a will, designating a power of attorney and signing a...
Estate planning strategies to best protect your family
If you have a family, it is important to put together an estate plan that has protections in place for family members in the event something happens to you. The right plan protects assets, saves on taxes and looks out for your children. Every situation is different,...
Understanding the probate process
If a loved one dies with a will, you may be wondering what the next steps are. Probate refers to the process of managing and closing the estate and distributing assets as set out in the will. An important figure in the probate process is the executor, as this is the...
Who can set up special needs trusts?
Whether you have concerns about your loved one with special needs and their financial future or you are struggling with a disability and want to protect your financial future, it is important to review various issues related to special needs trusts. This option can...
How can I make sure my will is valid?
Once your estate goes into probate, the court will validate your will. It does this by checking all the legal requirements to ensure the document adheres. Knowing what these requirements are is essential if you wish to avoid problems after your death and ensure the...
Understanding the role of an executor in closing your estate
When you delegate responsibilities to your executor, you hope that he or she will acknowledge your wishes and live up to your expectations. Providing clear and concise instructions can facilitate the successful closure of your estate. Outlining specific...
What should you know about estate plan reviews?
After creating an estate plan, you must then keep on top of it and ensure that it accurately reflects your life at any given point. This is where reviews come into play. Experts suggest you review your estate plan once every 3 years. This can feel overwhelming. But...
When a trustee breaches the fiduciary duty to a beneficiary
Your financial well-being as the beneficiary of a trust relies on the ethical management of the investments and other assets in the trust. Your trustee has a fiduciary relationship with you, meaning that you put confidence in him or her to act in your best interests...
Can I save on taxation by giving away part of my estate?
When it comes to your estate, you must think about everything that will happen once you die. This includes what your heirs may have to do to receive their inheritance. You probably created your estate plan to ensure things go smoothly, but did you consider the impact...