When Should I Update My Will?

Three generations - when should they update their wills?

There are some obvious triggers that might prompt you to update your will, such as changes in health or marital status. There are, however, also some not-so-obvious ones to be aware of, according to financial planners and attorneys.

Actor Ray Liotta’s Legacy

Ray Liotta Estate Planning Funeral

After years of toiling away in the entertainment industry, Ray Liotta was able to build up an impressive net worth.

How Do I Talk to My Parents About Estate Planning?

Caregiving Burnout

If you have a parent over the age of, say, 65, thoughts about their future may have started to creep into your mind. But because end-of-life planning can be emotional and overwhelming, it’s tempting to put these conversations off — and even more pleasing to avoid them altogether. If there’s a lesson to be learned from the pandemic, however, it’s that waiting until the last minute to prepare is seldom a good idea.

What are My Responsibilities if I’m Named an Executor?

Beneficiary Designation

If a loved one asks you to be the executor of their estate, think carefully before you take on this responsibility. While you have the option of declining the request, the person reaching out likely considers you to be responsible and detail oriented. An executor of an estate typically helps file paperwork, close accounts and distribute the assets of the deceased.

What Can Trusts Do for Me and My Family?

Estate Tax Gifting Exemption

Trusts are often associated with the rich, but the uber-wealthy are not the only people who can benefit from using trusts. There is no minimum asset level or net worth required to set up a trust, and you can put any amount of money into a trust.