The Importance of Updating Your Will

Creating a last will and testament is a vital step in safeguarding your assets and ensuring your wishes are honored after your passing. Despite the fact that many people procrastinate on this important task, the mere act of having a will puts you ahead of the majority. According to the 2024 Wills and Estate Planning Study by Caring.com, only one-third of Americans have prepared a will. This statistic underscores the necessity of not only drafting a will but also keeping it current.  Updating your will is crucial during various life changes. Major life events, such as marriage, divorce, or the birth of a child, often necessitate a review of your estate planning documents. These changes can significantly impact how your assets should be distributed and who should be responsible for executing your wishes. Additionally, if a beneficiary experiences a major life change—like a marriage, divorce, or the birth of a

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Get Back to Your Estate Plan!

If you are like me and like many friends and colleagues you’ve been all geared up and getting ready to get back to school. Whether you have your own children in school or grandchildren or nieces and nephews or you are sending kids off to college, it feels like September is really the time when the year begins. This serves as a reminder that summer ends all too quickly and it feels like another year has gone by and things can change quickly and life just happens. Preparing for change is a big part of what we do and planning for life’s unexpected events that just happen. We could spend our days worrying about what’s in store for us around the corner or we can take time to plan in the event of a health issue or an unexpected passing of a family member so that our wishes are followed

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5 Key Questions to Answer When Creating Your Will

By Eric P. Rothenberg, Esq. If you don’t want important decisions to be left up to the state when you’re gone, you need a will. If the idea of creating a will feels like you’re tempting fate, think of it as a road map you’re leaving your family, so they don’t have to stress over making the right decisions on your behalf. First, you need to understand the differences between a living will and a last will and testament, usually referred to as a will. These are two different documents that serve different purposes. A living will allows you to state your wishes in the event you cannot communicate and is only effective if you are alive. This is a legal document which outlines which life support services you approve or disapprove of in certain situations and removes the difficulty of such decisions from your children or other heirs. It

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The Superior Alternative to “I Love You” Wills

Posted by Robert L. Arone – Guide Your Clients to Lifetime Beneficiary Directed Trusts Instead As Valentine’s Day brings heart-shaped chocolate boxes and roses by the dozen into your clients’ imaginations, seize the moment to educate them about the drawbacks of “I love you” wills and introduce them to the estate planning move that’s actually going to ensure they do well by their loved ones: a lifetime beneficiary trust. You may already be well aware of what estate attorneys call “I love you” wills. You can recognize these wills because they are often short and their hallmark is that the maker of the will leaves everything, outright, to his or her surviving spouse. Hence the “I love you” name: “I love you so much, I’m leaving everything to you.” But this all-too-common approach creates significant risk for beneficiaries and, contrary to their name, is often not the most caring of

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