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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 when someone has entered into a valid contract to leave something specific to someone else.

A...

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 Your 401(k)?' But Most Voters Don't Have...

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 something in the will or trust. They effectively disinherit anyone who is not satisfied with the assets t...

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 so low that many more people are having to pay the tax than ever before.

That has...

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 family to fight over.

Nevertheless, minimizing the potential for your family to fight...

Glenn Frey of the Eagles passed away recently. Details of his estate have been made public.

The details of Glenn Frey's will are not that interesting on the surface. Nevertheless, the will does contain an interesting provision that illustrates how many wealthy people choose to handle their estate plans.

Frey left behind a will that leaves his entire estate to his wife and names her as the executor of the will.

Two co-executors were named, in case his wife was unable to serve.

There is not much that is unusual there.

The details of the will were reported by TMZ in "Glenn Frey Eagles Legend Left Everything To Wife."{: target="_blank"}

So,...

Few states have inheritance taxes any more, but Iowa still does. A recent court case there illustrates that the Iowa law has a strange provision.

A handful of states have an inheritance tax either in addition to or instead of a state estate tax.

Inheritance taxes are similar to estate taxes. With an estate tax, the estate itself is taxed before distribution to people. With an inheritance tax it is the tax is assessed on the people inheriting the estate.

Iowa is one of the states with an inheritance tax. However, it has an exemption for the tax when it comes to children who inherit from their parents. However, Iowa changed that exemption...

Bill Gates has called for a new approach to combating Alzheimer's disease and announced that he is contributing money to the cause.

It is a well-established fact among researchers: the earlier that Alzheimer's disease can be detected and diagnosed, the better it is for the patient.

It is possible to slow the pace of the disease somewhat, if detected early enough. Early detection also gives patients time to adapt and make plans for how they will handle the disease. These plans include getting legal paperwork, like powers of attorney and estate plans, in place while they still can.

However, figuring out how to detect Alzheimer's early has...

As the world becomes more globalized, courts are having to sort out sometimes messy conflicts between the estate laws of different cultures. A recent example comes out of Switzerland.

More and more people today are interacting and marrying people from different countries and cultures. They also are choosing to hold their assets in nations, where they do not live.

All of this can create problems when the laws of one nation conflict with the policies of another.

Recently, a court in Switzerland was asked to recognize a receipt of inheritance decision made by a court in Egypt, under its version of Sharia law.

The estate was that of an...

People would like to know how much money they need to have in their accounts, before they can consider retiring. That is not always an easy question to answer.

How much folks need to save for retirement depends on several different factors. One important factor is what they plan to do during retirement.

For example, people who would like to take a lot of vacations will likely need to have more money than those who are not interested in doing that.

One large retirement nest egg number that gets thrown around a lot is $1 million. It is a nice round number and it seems like a lot to most people.

However, even a number that large might not be...

If a trustee is removed from his or her duties, the former trustee usually turns over any assets he holds to the new trustee as quickly as possible. However, there are exceptions to that rule.

Marsha Sinzheimer and her late husband had created a trust for her benefit. The trust documents required that there should be co-trustees, one a corporate trustee and one an individual trustee.

Sinzheimer's son Andrew was appointed to take over as the individual trustee. However, before the former individual trustee stepped down, he exercised his authority to remove the corporate trustee and did not name another one.

When Andrew took over, he...