Like any other complex subject, estate planning has its share of myths and misconceptions. Understanding the top three estate planning myths will help you to create and maintain a plan that will work the way you expect it to work when it’s needed.
Clients often asked where to store original estate planning documents – wills, trusts, powers of attorney, and healthcare directives – for safekeeping. Estate Plan Storage is something that needs careful consideration. While there is no right or wrong answer to this question, your storage location must be somewhere accessible. Please consider the following:
Administering the estate of a loved one is never a welcomed task. It is a task that many carryout knowing that they are following their loved one's last wishes. However, being the personal representative or successor trustee will at times seem overwhelming. There are many things, which must be carried out, that are seldom recognized before being put in that position. One such thing is dealing with the deceased's mail.
Farming or ranching is more than a means of livelihood – it is about preserving a legacy and unique way of life. Unfortunately, many farmers and ranchers make very common estate planning mistakes. The farm or ranch that has been passed down for generations then ends up being sold and converted into non-agricultural use, cutting the legacy short and ending the family’s unique lifestyle choice.
Sadly, farmers and ranchers are not the only ones who avoid making or updating an estate plan – many others, including business owners and parents, also avoid planning, which can cut their legacy short. Below are three common estate planning mistakes farmers and ranchers make and how to avoid them.
Revocable Living Trusts have become the basic building block of estate plans for people of all ages, personal backgrounds, and financial situations. But for some, a Revocable Living Trust may not be necessary to achieve their estate planning goals or may even be detrimental to achieving those goals.