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Wills vs. Trusts: Which One is Right for You?

There are benefits and drawbacks to both wills and trusts. Ultimately, deciding which one is best for you depends on what your goals are, as will as your situation and preferences.

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Important Tips for Executor of an Estate

Dealing with the loss of someone you care about is never easy, especially when you also have a duty to carry out the decedent’s instructions to manage their affairs and wishes. Being appointed as an executor of an estate means that you need to take on significant responsibilities when the person who you named as the executor dies.

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Dispelling Estate Planning Myths

According to a 2021 Wills and Estate Planning Study by Caring.com, the top two reasons those surveyed didn’t have a will or living trust were that they “haven’t gotten around to it” and “don’t have enough assets to leave anyone.”

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Factors to Consider Before Drafting an Estate Plan

Drafting an estate plan requires a thorough consideration of many factors. After all, an estate plan will affect the medical care you receive in the event of your incapacity, the distribution of your assets after your death, and guardianship for your minor children, among other things.

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A HIPAA Release Is an Important Part of Your Estate Planning

According to an annual survey conducted each year by the website Caring.com, the pandemic raised awareness of the need for estate planning, in other words, to make concrete plans in the event of your incapacitation or death through a will, trust, or other legal instrument.

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Stating Your Wishes for the Disposition of Your Remains

Many people underestimate the importance of making final arrangements in advance. Stating your wishes for the disposition of your remains can save your loved ones from additional stress following your passing.

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Common Estate Disputes

Settling a decedent's final affairs and distributing assets to inheritors usually involves a lot of complexities. After the death of a loved one or during the estate administration process, disputes and conflicts often arise between surviving family members. In some cases, the estate may be administered by an incompetent executor who isn't acting in the best interest of the estate.

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Understanding the Executor’s Role

According to a study of 2,500 individuals by Caring.com, 44% of adults aged 55 and over have a will or estate planning documents. As you consider your estate plans, you should give serious thought to who will be the executor of your estate. It’s important that you know what is involved in the role of an executor before you decide who will settle your estate after you are gone.

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Estate Planning Terms To Know

For most people, estate planning is not a daily activity. That is why the terms used in the estate planning process can sound like a foreign language. Nonetheless, every adult should have an estate plan to ensure that their wishes are carried out when they are no longer able to speak for themselves. It is important to understand some of the language of estate planning since it will be speaking for you.

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