When you create a will and gift property to your beneficiaries, the gifts you make typically fall into one of four general categories. These categories can impact how that property is treated during the probate process, so talk to your attorney for detailed advice about testamentary gift types and how they can affect your estate. Category 1: Specific gifts. Specific gifts are exactly what they sound like, a specified property bequeathed to a specified person. For example, you may state that … [Read more...] about Types of Testamentary Gifts: 4 Categories
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Estate Planning Goals Checklist
If you're new to the idea of estate planning and aren't sure where to begin, there are a number of ways you can go about the planning process. One of the easiest ways is to develop a list of goals you have for your estate plan and then check those goals off as you make progress. Of course, there is no single checklist that applies to everyone, and you should always talk to your attorney to develop a plan that best suits you, but here's a simple checklist of estate planning goals you can use to … [Read more...] about Estate Planning Goals Checklist
3 Questions About Codicils
Question 1: What is a codicil? A codicil is an amendment to a will. It's a document you make after you've executed a will that changes, adds to, subtracts from, or otherwise modifies the terms of that will. You can, for example, use a codicil to modify the will you wrote before you got married or before you had a new child. Question 2: Do you have to register a codicil? No. Just like your will, no state requires that you “register” or otherwise file your codicil with a state government … [Read more...] about 3 Questions About Codicils
4 Types of Will Revocation
Type 1: Revocation by Act. A revocation by act is when you take a specific action to revoke a previous will you've written. The most common way to do this is to write a new will that contains a clause that specifically revokes the old will. You may also physically destroy a will to revoke it, such as by burning it or ripping it up. Type 2: Partial Revocation. A partial revocation is usually carried out by creating either a new will or a codicil that states part of the old will is no longer … [Read more...] about 4 Types of Will Revocation
Credit Card Debt And Your Estate: What Happens?
Scenario 1: You and your spouse have joint card debt. If you have a joint credit card and either account holder dies, it's up to the other account holder to pay back the debt. This is true even if you signed as a co-signer and you never used the card. You'll be responsible for the entire amount even if the deceased spouse was the one who racked up all the charges. Scenario 2: You have individual card debt. If you have an individual credit card, this debt must still be repaid but it won't … [Read more...] about Credit Card Debt And Your Estate: What Happens?
