When doing business succession planning, business owners are often passing the company down to their adult children. They assume that their children will want to run the business and follow in their footsteps. But is this actually true? It’s very important to talk to...
When people are passing a family business onto the next generation, they often want things to be fair. They’re trying to avoid estate disputes, and they want to treat all of their children the same way. They think that this means making things equal, such as leaving...
When most people think about estate planning, they often think about will drafting and asset distribution, which is true. The main function of an estate plan is so that testators can have their last wishes fulfilled. However, estate planning can be much more than...
A trust is a legal document that allows people to distribute assets according to their instructions without causing beneficiaries to go through probate or disputes. A revocable trust is one of the more common kinds of legal documents. Grantors can alter revocable...
Estate planning is a process that allows people to instruct how their estate is handled in anticipation of their passing. Estate planning has a lot of moving parts, which can be confusing when the testator has been misinformed about the process. Common estate...
When you're putting your estate plan together, one of the biggest decisions you have to make is who to name as your executor. Since the executor is the person who will be in charge of your estate as it goes through probate, you want the job to go to someone you trust...
Older adults often talk openly with their family members about what they plan to do with their property when they die. Those with bigger families and more valuable property frequently want their loved ones to know what to expect from their estates. For example, it is...
As an entrepreneur, it is natural to be engrossed in your business’s day-to-day operations like processing payrolls, updating the inventory and figuring out how to grow your business. Consequently, it is not uncommon to fail to prepare for life’s eventualities like...
Family dynamics can be very complicated, and that doesn’t necessarily make estate administration easy on the executor or personal representative – especially when one of the heirs to an estate has been out of touch for a while. One of an executor’s biggest...
Did you know that the majority of Americans do not have an estate plan? This comes as a surprise to many people who know that estate planning will be necessary eventually. But it’s also incredibly common, as evidenced by statistics showing that about two-thirds of all...