Beneficiary designations are a crucial part of estate planning, yet they are often overlooked. Once you have signed your estate planning documents, you need to make sure that your beneficiary designations are consistent with the rest of your estate plan.
If you think Estate Planning is simply the creation of a will or trust, you are missing a large portion of information, and could potentially have assets that do not flow according to the plan you have set up in your will or trust.
The word “estate” conjures images of great wealth, which may be one of the reasons so many people don’t develop estate plans. Afterall, they’re not rich, so why make the effort?
Parents' instincts to protect their children can cause them to hold back on some important truth-telling about the kind of inheritance they might expect, but that could be a big mistake.
No one marries with the intention of getting divorced, but about half of all marriages in the U.S. will end in divorce. Divorce and second marriages can complicate the process of estate planning and present a number of challenges.