Many people have been advised to “avoid probate.” But just because people may have heard that term, doesn’t mean they know exactly what probate means, why it can be a problem, or how to successfully avoid it. In this post, we will take a look at the term probate to understand exactly what it means, and what the process includes.
If your family includes a special needs child, you can use life insurance in two main ways. In one situation, parents may consider purchasing life insurance for their child’s life, addressing the possibility of outliving them. Alternatively, parents may use a life insurance policy in a trust as part of their estate planning; knowing their child with special needs is an enormous priority to safeguard after they have died.
Whether you are drafting your first estate plan or have one already in place, it’s important to include a letter of instruction (LOI) in it. A letter of instruction can help your loved ones manage important information about you. A LOI conveys your desires, includes practical information about where to find various items referenced in your plan, and it can provide advice to help those you designate in managing your affairs.
Why do I need an Estate Plan? What all documents should an Estate Plan include? Trust or No Trust? Keeping up with your Estate Plan