VanAntwerp Attorneys, LLP
Phone: 606-618-0698

Estate Planning Archives

Estate planning in the digital age includes your digital assets

With effective estate planning, you may be able to transfer assets cost-effectively, reduce estate tax burden and limit the need for probate. It can grant authority to act on your behalf should you become incapacitated. Ideally, it would give access to everything necessary to manage and transfer your assets.

What is an advance healthcare directive?

Benjamin Franklin famously claimed that "nothing can be said to be certain, except death and taxes." Estate planning, in fact, addresses both of what this founding father believed to be inevitable. Not only does your estate plan include finances and tax strategy to help your beneficiaries, but it can also determine the events in your final moments.

Estate planning: Update all your beneficiaries on a routine basis

Accounts like 401(k) and 403(b) plans, IRAs and life insurance need beneficiaries assigned. You probably designated a beneficiary when you were first hired, opened the account or purchased the policy.

Talking about your will with loved ones

The will and estate plan serves two primary functions. First, it's to make sure your wishes are carried out when you can't speak them for yourself. Second, it's to create a streamlined way to do so, with as few conflicts as possible. There are many difficult decisions when a plan includes sharing wealth or heirlooms with loved ones. Often, why decisions are made matters just as much as how.

Skip parts, or all, of probate by following these steps

Probate has a terrible reputation, and this is because it can a time-consuming and stressful process for the beneficiaries of an estate. Ultimately, though, probate is just the legal process of executing and finalizing an estate in court. It is simply procedural. There is no inherent bias that makes it "bad." Nevertheless, most people do everything they can to organize their estate in a way that skips or avoids probate. There are some tremendous advantages to doing this.

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