If you're a grandparent developing your estate plan, you may choose to leave some of your assets directly to your grandchildren rather than leave it to their parents to pass on a portion of their inheritance.
There's an interesting issue in the United States where everyone knows they'll need an estate plan, but many people never write a will. Similarly, children often understand that their parents need to talk to them about estate planning -- four out of five people claimed these conversations were important in one study -- but less than one out of three families actually sit down to have that talk.
When creating a will, it's important to think about what will happen upon your death. More specifically, there are steps you can take now to prevent someone from contesting your will in the future.
As you create your estate plan, you'll soon realize that you have to involve many other people. For example, if you're creating a will, you need to name an executor. And if you're creating a trust, you're required to choose a trustee.
Estate planning is not something most people look forward to. In fact, it may be something you continue to put off. Although it'll bring you face-to-face with some important questions, it's critical to dive in at the appropriate time.
Estate planning myths can cause a lot of problems. People often buy into what they hear casually, even if they never got legal advice or did any deep research on their own. This can lead to critical mistakes that they regret later in life.
You have probably heard people saying that you need an estate plan. Perhaps your grown children are urging you to consider more comprehensive preparation for the end of your life, but you are not quite convinced that it is worth the trouble to make a plan.
A loved one passed away. When the will was presented, you were shocked. You could not believe it was accurate. Can you contest it?
After a family member has died, you certainly need some time to grieve and remember. You may find it comforting to look through your relative's photo albums and discover hidden treasures in dresser drawers and on closet shelves. However, after time passes, you are ready to move on and return to some sense of normalcy. A large part of this process is clearing out the house and distributing your loved one's belongings.
When writing a will, you want to consider the fact that people may challenge it. You can take steps to help ensure that your will is followed properly.