Some decisions to bequeath certain assets to people cannot be undone by creating a new will and changing who gets the assets.
One of the oldest principles of estate planning law is that people can always change their minds about what to do in their wills. All they need to do if they want to do something different, is create a new will reflecting their new desires.
It is best to destroy any copies of the old will. However, that is not strictly necessary. There are some times when people cannot change their minds about their wills.
One example is...
The stock markets might have risen to record highs this year, but few Americans own enough stock to take advantage of it.
After Republicans passed their tax reform bill, some Republicans are indicating that they might be turning to entitlement reforms next.
Markets have risen to record highs this year. It seems like Americans have more in their retirement accounts than ever before.
However, while the total amount of money in retirement accounts might be at all-time highs, that money is heavily concentrated in a small percentage of the population, as Think Advisor discusses in “Trump Asks ‘How’s...
Before deciding whether or not to launch a legal challenge to a will or trust, it is important that you see an estate attorney to learn about no contest clause laws in your state.
Many wills and trusts today have what is known as a “no contest” clause. Including such a clause is standard procedure to help fend off any legal challenges to the contents of a will or trust.
What these clauses say is that anyone who receives an inheritance from a will or who is a beneficiary of a trust receives nothing, if they challenge the validity of...
In the U.K. more and more people are having to pay the inheritance tax leading to an increase in people insuring against that possibility. Americans concerned about estate or inheritance taxes can do the same.
People seem to complain about estate and inheritance taxes more than any other form of taxation, especially if they are affected by the tax. There is something about taxing a person’s assets after they pass away that rubs many people the wrong way.
This is true in the U.K. as well as the U.S.
In the U.K., the exemption limit for the inheritance tax is...
The best way to prevent your family from fighting over your estate, is to let them know what to expect from your estate plan. The conversation does not need to be exclusively about money.
Many different things can cause families to fight over a deceased relative’s estate. Sometimes, families are going to fight no matter what and there is nothing that can be done to avoid it.
This is one reason why you should enlist the expertise of an estate planning attorney. She can make your estate plan as solid as possible, so there are fewer legal grounds for your...