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A common misconception people have about life insurance is that they only need to designate their spouse, child, or loved one as the beneficiary of the policy to ensure that the life insurance benefits will be available when they die. Life insurance is an important financial and estate planning tool, but without certain protections in place, there is no guarantee that your beneficiary will receive, or keep, the benefit from your insurance. A common method for leaving money and property to loved ones in an estate plan is by titling assets so they are owned by a trust or making the trust the beneficiary of the account or property, with a spouse or child as the trust’s beneficiaries. The same approach may also be used for life insurance policy proceeds.

To a lot of people, the idea of leaving money in their will to a pet instead of their own family seems to be the remit of the eccentric and the wealthy. However, over the years, it is becoming a surprisingly common arrangement to ensure our furry family members are taken care of after we are gone.

In 2008, Congress recognized the need for the public to understand the importance and benefits of estate planning by passing House Resolution 1499, which designated the third week of October as National Estate Planning Awareness Week. An estate plan can provide significant peace of mind by ensuring that your money and property are protected, plans are in place in the event you become ill, and your accounts and property pass down according to your wishes.

In spite of his successful career and his fame, it was surprising to learn that Chadwick Boseman did not have a Last Will and Testament in place when he lost his battle with cancer in 2020. Court documents were filed, so that the late actor’s wife, Simone Ledmond, could be named administrator of his estate. But how was it possible that court documents listed the estate at $938,500, when Boseman's net worth was estimated at around $12 Million?

Working with an attorney to draft a trust agreement for estate planning purposes is an important step. But just getting the document drafted and signed is not enough. For any trust to be effective, you must complete the process of funding your trust as soon as you can. This means changing titling and beneficiary designations on many important accounts and assets such as checking and savings account, real estate, and life insurance.

Eddie Van Halen died in October 2020, after losing his battle with cancer. The iconic guitarist's passing was met with extreme sadness. He was just 65 years old. He left behind one son, an ex-wife - with whom he maintained a close friendship - and a wife. He had a net worth of $100 Million, and one of the most asked questions about Eddie’s death is who inherited his money and estate.

For many people, the thought of meeting with an estate planning attorney is less than desirable. It can be uncomfortable to even consider the possibility of no longer being able to manage your own affairs, let alone no longer being alive. We are here to reassure you that estate planning is not as scary as so many people think it is. Many people fear estate planning because they fear the unknown. Not knowing what you are going to encounter at an attorney’s office frequently leads people to imagine all kinds of horrible scenarios and ultimately refuse to pull the trigger and set up an appointment. By explaining some of the common questions you might encounter when you meet with an estate planning attorney, we hope to help you prepare for your first estate planning meeting and alleviate some of the fear and anxiety that accompanies it.

As a single individual, you may feel overwhelmed when you think about who will step in and make decisions for you if you cannot make decisions for yourself and who will receive your money and property when you die. You may consider your parents or siblings, but depending on whether they are living and the nature of your relationship, they may not be an option. Having an estate plan is important to ensure that your wishes are carried out during your life and after your death. If such worries are preventing you from completing your estate plan, we are here to help you.

Prince Philip's will is to be sealed for 90 years. This has been part of royal protocol since 1910. However, the question remains of what will happen with The Duke of Edinburgh's multi-million pound estate.

There is no law against a beneficiary also being a trustee of the same trust—but it may not always be wise, and certain guidelines must be followed.