Many people develop estate plans that are designed to ensure that the family's assets remain in the family. Divorce can take a big chunk out of a family's wealth when a spouse gets a share of an adult child's money. That's why some parents choose to leave money to their children using trust funds.
When doing their estate planning, people often focus on how their bank, investment and retirement accounts, as well as other liquid assets, will be split up among their heirs. They likely think of what will happen to their home as well.
If you got in on the cryptocurrency phenomenon early, you may have a nice chunk of change saved up. Of course, because of the nature of these "cryptoassets" or digital assets, if you're the only one who knows how to access them, they'll essentially die with you.
If you own a timeshare, you may be considering leaving it to one or more of your children. Whether it's been the destination for family vacations over the years or it's something you and your spouse bought when you retired, you may want your kids to continue to enjoy it after you're gone. However, that particular inheritance may end up being more trouble and expense than you (or they) ever imagined.
A loved one is drafting their estate plan and has asked you to be the executor of their estate. You're likely flattered by the request and they're trusting you with a big responsibility. Many people automatically agree to do it, in part because they don't want to give any real thought to their loved one passing away. However, that day will come, sooner or later. You owe it to that person to give some serious thought to the request before giving your commitment -- or declining.
If you're the parent of a college student or other young adult, part of you likely still considers them your little girl or boy. However, under the law, once they're 18, there are certain rights you no longer automatically have because you're their parent.
As you develop your estate plan, you've decided to leave some property or other assets directly to your grandchildren. Perhaps you have a vacation home that your adult grandson particularly loves and takes his own family to regularly. Maybe you have an art collection that your granddaughter has expressed interest in and would appreciate more than anyone else in the family.
Many Arizona residents have moved here from colder, wetter climates. If you're one of them, you may wonder whether the estate plan you put in place in your previous home state is still valid.
Many Arizonans -- even those who don't yet have an estate plan -- have a life insurance policy to help provide financially for their family after they're gone. These policies may be worth millions of dollars.
Since pastors spend a fair amount of time considering the afterlife, one might expect that they are vigilant about their estate planning. "Pastors know they can't take it with them," as the head of the Southern Baptist Foundation points out. However, that doesn't mean that they're taking the necessary steps to care for their loved ones who are left behind.