Each will or trust needs a no contest clause to stifle potential litigation. If a natural heir or beneficiary is angered or hurt by your family situation or asset distribution, he may file a will or trust contest. You can lessen the chances of a contest, by implementing these tips. If a contest is made, the no contest clause provides that the contesting beneficiary receives nothing. This is great incentive to leave your estate plan alone. Always include a contest clause in your will or … [Read more...] about Include No Contest Clauses in Your Will and Trust
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You Need Umbrella Liability Insurance
During your estate planning updates, evaluate whether you are fully insured. Are your assets and well-being protected? One, commonly overlooked insurance, is umbrella liability insurance. It’s also known as “catastrophic liability insurance.” And, you need it. The term, “umbrella,” is used because the insurance sits on top of your home owners (or renters) insurance and your auto insurance and raises the coverage to the policy amount, $1 million, $2 million, $10 million. It covers these two … [Read more...] about You Need Umbrella Liability Insurance
Estate Planning Motivation: Your Husband Will Likely Get Remarried and Disinherit Your Children
If you want to protect your assets that you leave for your spouse and children from your husband’s new wife, you need comprehensive, up-to-date estate planning, trust planning. If you leave your assets outright to your husband, or own assets jointly with him, your children will likely be disinherited. Sadly, this is how it happens, Penelope and Paul have been married for 25 years; they have four children. They own most of their assets jointly and have named each other as beneficiaries of … [Read more...] about Estate Planning Motivation: Your Husband Will Likely Get Remarried and Disinherit Your Children
7 Ways to Avoid Family Fights with Good Estate Planning
The stress of disability, death, funerals, money, family heirlooms, and hurt feelings are the makings for many a family fight. It sometimes feels inevitable; however, you can prevent much family discord with good estate planning. Keep in mind that family fight prevention is important in all families; it’s even more important in blended families wherein there are built-in jealousies and natural competition. Here are 7 ways to avoid family fights with good estate planning. Talk it Over. … [Read more...] about 7 Ways to Avoid Family Fights with Good Estate Planning
Name Contingent Trusted Helpers in Your Estate Planning Documents
One of the estate planning tasks that is commonly forgotten, and wreaks havoc, is the appointment of contingent trusted helpers in your estate planning documents. If you don’t have contingent helpers and your named helper is unwilling or unable to serve, your plan fails; and, court interference will be mandated. Identifying Estate Planning Trusted Helpers Trusted helpers are personal representatives, executors, power of attorney agents, trustees, and guardians for minor children. Why You … [Read more...] about Name Contingent Trusted Helpers in Your Estate Planning Documents
