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Summertime is the time when everyone is getting married. And you may think that once the wedding is over, you're done planning and it's time to relax, at least until it's time to start planning for a family. Before you take that next step, you need to consider your future, even if it's just the two of you. Estate planning is important now so that you're planned for later.

Las Will and Testament

Most people only think about a will when they think of estate planning. This document is important because you choose the person who will oversee your estate along with choosing who inherits your assets. You'll also appoint a guardian for any future children.

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Tagged in: Estate Planning Wills

In a time where technology makes our lives so much easier, it also makes it easier for identity thieves to steal our identity. So, we know that we all need to take necessary precautions to make sure we are not subjecting ourselves to this breach. But what about when you pass away? Even after our death, it's still possible for thieves to breach certain information. Here are some tips on to follow when you're considering estate planning to ensure you're protected, even after death:

Executor's Duties

When your named executor is getting ready to probate your will, he has many duties before him. Specifically, he's in charge of gathering your assets and paying bills.

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Tagged in: Estate Planning Wills

When you think about writing up your will, you might think about printing out an official-looking document. In fact, you might have even seen online templates that allowed you to type up and print out your will yourself. Although you will still want to have a printed document with your final wishes printed on it, however, you may want to consider making a video will as well. As the name suggests, this simply refers to making a video of yourself reading your will and talking about your wishes. These are a couple of reasons why this can be a good idea.

Help Prevent Tampering

One thing that you have to worry about is someone tampering with your will before or after you pass away to try to make changes to it. Even though you might not want to think about someone in your family doing something like this, you should know that disputes among family members can become brutal when it comes to things like wills. With a video will, this is not something that you have to worry about.

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You may have heard of the term "intestate" as some point in your adult life, but never quite knew what it meant. Many times, you'll hear someone say "he died intestate", which means the person passed away without a will. And while this may not seem like a big deal, dying intestate mean the family of the deceased is left with a huge problem on their hands. This is why is so very important to consider estate planning/ wills & trusts early on.

Asset Distribution

When someone dies without a will, the distribution of that person's assets is left to the court. A family member (or close friend, for that matter), can apply to become the estate administrator. The administrator works in the same capacity as an executor would: he gathers the assets, pays the bills and distributes the assets to heirs.

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If you're considering estate planning/ wills & trusts, you may want to consider the different types of trusts available for estate planning purposes. There are constructive trusts, charitable trusts, asset protection trusts and revocable and irrevocable trusts. Your financial situation, along with a host of other circumstances, will dictate the best trust for you.

Irrevocable and Revocable Trust

A revocable trust is a trust that can be nullified or altered during the course of the trust maker's life. This trust is established to allow the trust maker to add property title to the trust and naming himself as the trustee. The trust maker can remove the property from the trust whenever he chooses.

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