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August 2013 Archives

The difference between a will and living trust

Do you know the difference between a will and a living trust? When thinking about estate planning, there are many different kinds of estate planning documents to consider and it is important to understand the difference between a will and a living trust before deciding which one is right for you and your family.

When should you update your will?

One of the most important documents a person can have in their estate plan is a will. A will lets your loved ones know your last wishes, including what should happen to your possessions and who will receive inheritance. One of the biggest advantages of having a will is that it not only lets your family know your wishes but it should help prevent disputes between family members after you are gone.

What does the executor of an estate do?

One of the most important parts of estate planning is deciding who will be the executor of your estate. All wills have an executor appointed to manage the estate, regardless of if you name an executor or if the state court does. Since an executor is necessary and will be in charge of managing your estate, it is important to pick someone who is trustworthy and responsible.

Discuss estate plan with family before it's too late

Estate planning is a very important part of financial and retirement planning in the U.S. Americans seem to understand the importance of estate planning, with 90 percent of adults saying that estate planning is very important, according to a BMO Management survey.