Going through divorce can be an overwhelming experience that impacts nearly every facet of your life, including estate planning. Yet, with so much to deal with during the divorce process, many people forget to update their plan or put it off until it’s too late. READ MORE
Posts Categorized: Trusts
Black Panther Star Chadwick Boseman Dies Without A Will – Part 2
Last week in part one, we discussed a few potential explanations for this apparent blind spot in Boseman’s estate plan, and how the young actor might have prevented the situation by creating a pour-over will to be used as a backup to any trusts he had put in place. Here in part two, we’ll focus on another critical component of Boseman’s estate plan – incapacity planning.
Regardless of his age or health condition, Boseman, like all adults over 18 years old, should have three essential planning documents in place to protect against potential incapacity from illness or injury. These include a medical power of attorney, living will, and durable financial power of attorney. READ MORE
Black Panther Star Chadwick Boseman Dies Without A Will – Part 1
On October 15th, nearly two months after the death of Black Panther star Chadwick Boseman, his wife, Taylor Simone Ledward, filed documents with the Los Angeles probate court seeking to be named administrator of his estate. Earlier this year, Boseman and Ledward were married, and the marriage gives Ledward the right to any assets held in Boseman’s name at his death.
What makes Boseman’s story somewhat unique from the others is that it seems likely the young actor put some estate planning tools in place, but it’s possible he didn’t quite finish the job. Based on the number of hit films he starred in and how much he earned for those films, several sources have noted that Boseman’s assets at the time of his death should have been worth far more than the approximately $939,000 listed in probate court documents. READ MORE
Getting Legal Documents Signed During COVID — Another Reason to Not Go It Alone
There are many ways that plans fail, but one of the worst ways we see is when someone starts a plan and doesn’t get it signed properly. You do not want this to happen to your family. If you care enough about estate planning, you will want to make sure your plan will work when your family needs it. READ MORE
4 Things Trusts Can Do That Wills Can’t
Both wills and trusts are estate planning documents that can be used to pass your wealth and property to your loved ones upon your death. However, trusts come with some distinct advantages over wills that you should consider when creating your plan.
That said, when comparing the two planning tools, you won’t necessarily be choosing between one or the other—most plans include both. Indeed, a will is a foundational part of every person’s estate plan, but you may want to combine your will with a living trust to avoid the blind spots inherent in plans that rely solely on a will. READ MORE
The Real Cost To Your Family: Having No Estate Plan At All
This is a continuation of the discussion of the true costs and consequences of failed estate planning. Here I discuss a few of the most common—and costly—planning mistakes I encounter with clients. If this article exposes any potential gaps or weak spots in your plan, meet with me to learn how to properly address them. READ MORE
Is Your Estate Plan Unfinished? Don’t Wait to Complete This Important Process
For most people, thinking about one’s own mortality is unpleasant and low on the list of priorities. While you may objectively recognize the need to plan for your future – and the future of your loved ones after you’re gone – it can be hard to summon the motivation to actually create a will or trust. If you’ve made an effort to begin the process but haven’t finalized the details, consider this article the sign you need to finish up. READ MORE
Four Easy to Avoid Mistakes People Make at Tax Time
It’s that time of year again: tax season. No one enjoys doing their taxes, and that is likely why many of us leave this tedious task to the last…possible…moment. As Tax Day approaches, millions of Americans are likely scrambling to track down all of their important documents to meet the April 15 deadline. But as READ MORE
4 Estate Planning Must-Haves for Unmarried Couples—Part 1
It is thought that Estate planning is only needed once you get married; however, the reality is every adult, regardless of age, income level, or marital status, needs to have some fundamental planning strategies in place if you want to keep the people you love out of court and out of conflict. In fact, estate READ MORE
Three Keys to Protecting Yourself from a Rogue Executor/Trustee
Unfortunately, sometimes a death in the family can bring out the worst in people. Indeed, family resentments sometimes simmer during a time of grieving – particularly when money and assets from the deceased’s estate are involved. If you are a beneficiary under a loved one’s estate plan, you may be under the assumption that those READ MORE
Wills vs. Trusts: A Quick & Simple Reference Guide
Confused about the differences between Wills and Trusts? If so, you’re not alone. While it’s always wise to contact professionals focused on this area, like Cheever Law, APC, it’s also important to understand the basics. Here’s a quick and simple reference guide: What Revocable Living Trusts Can Do – That Wills Can’t Avoid a conservatorship and guardianship. A Revocable Living Trust READ MORE
4 Ways Estate Planning Can Improve Relationships with Loved Ones
Given life’s fleeting nature, using time with your family and friends to talk about estate planning is vital for ensuring you and your loved ones will be provided and cared for no matter what happens. READ MORE
Three Tips for Talking About Your Estate Plan During the Holidays
Christmas is right around the corner, bringing the joyous season of gathering with family and loved ones into full-swing. It is the time to slow down, get caught up with loved ones, and enjoy the family and experience quality time around the dinner table. It is also a great idea to take this opportunity to review your estate plan and talk about the topic with your loved ones. READ MORE
Don’t Forget to Include Your Digital Assets In Your Estate Plan—Part 1
With our lives increasingly being lived online, our digital assets can be quite extensive and extremely valuable. Given this, it’s more important than ever that your estate plan includes detailed provisions to protect and pass on such property in the event of your incapacity or death. READ MORE
When Something is NOT Better Than Nothing—Part 2
Last week, I shared the first part of this series discussing the hidden dangers of do-it-yourself estate planning. In part two, I cover one of the greatest risks posed by DIY documents.
You might think you can save time and money by using do-it-yourself estate planning documents you find online. You’re probably anxious to check estate planning off your life’s to-do list, and these forms offer a seemingly quick and inexpensive way to handle this important task. READ MORE