Many people put off buying life insurance for the same reasons they avoid writing their Will: because they believe it will be costly and difficult, that it is unnecessary, or simply to avoid thinking about their own death. But life insurance is a valuable estate planning tool for many people, and the process of buying it can be relatively straightforward. (more…)
In an age of ever-increasing reliance on digital information storage, password and other access code management has become a critical (but often overlooked) part of estate planning. After your death your Will Executor will be responsible for administering your estate. In order to do so effectively, he or she will need access to all documents and information related to your property, bank accounts, and other assets. (more…)
Frank Sinatra (legally Francis Albert Sinatra) was one of the most well-known and successful American recording artists and actors of all time. He first launched his singing career in the early 1940s after signing a deal with Columbia Records. Despite some ebb and flow over the years, Sinatra maintained significant fame and popularity over a period of more than 5 decades. (more…)
Most people understand the importance of having a Will, but may put off writing it because they think it will be costly, difficult or time-consuming. Doyourownwill.com offers a free, simple online service that guides you through the process of writing your Will in a few easy steps. The service will yield a valid, state-specific Will you can save to your computer in a PDF or editable format. The process is completely private and free of cost – you will never be asked for an email address or credit card, and none of your information is saved on the site. (more…)
A power of attorney (POA) is a written authorization to act on another’s behalf in legal matters. The person creating a power of attorney is known as the “principal” and the person authorized to act is called the “agent.” A durable power of attorney is a specific type of agreement that remains in effect even in the event that the principal becomes incapacitated (e.g. through physical injury or mental illness). (more…)
Writing a Will can be an iterative process, evolving over time as your life situation changes. It is important to take the initial step of beginning a draft, but it is also important to recognize that you may need to update your Will one or more times throughout your life. (more…)
If you’re searching for an online will maker, DoYourOwnWill.com offers a free service that might be right for you. This free service helps you create a simple will that is generally sufficient for people who are under age 65 and own property worth less than the threshold limit for federal estate taxes ($5 million for deaths in 2011 and 2012). (more…)
A Power of Attorney (POA) is a written authorization to act on another’s behalf in legal matters. The person creating a Power of Attorney is known as the “principal” and the person authorized to act is called the “agent.” A Power of Attorney can be general, giving the agent the authority to conduct any type of business on behalf of the principal, or specific, and limited to the transactions expressly outlined in the document. (more…)
Many people put off writing a Will because they believe it will be costly or difficult, that it is unnecessary because their possessions will automatically pass to their spouse or children, or simply to avoid thinking about their own death. But writing a Will is critically important for all adults regardless of wealth, marital status, or age. (more…)
Proper estate planning allows you to minimize taxes, control how your assets will be distributed after you die, and keep certain details of your estate private if you wish to do so. (more…)