Five Reasons Business Owners Need Estate Plans


Business owners are notorious for engrossing themselves in the day-to-day management and functions of their businesses. As a business owner, you are likely the heart and soul of the company you lead, as you have built unique relationships with your customers, employees, contractors, and suppliers.

As we all know, life is often unpredictable. Imagine that tragedy strikes and you, as the business owner, are in a car accident and are severely injured or killed, which leaves you unable to make decisions or care for yourself and your family. What will happen to your business in such a situation? Who will take over your role? We do not know what tomorrow holds. Circumstances like this can happen to...


A Deeper Dive into Advance Healthcare Directives


When it comes to your healthcare, especially during these uncertain times, you need to ensure that two estate planning documents in particular are up to date. The first is your healthcare power of attorney. This document allows you to name a person to make medical decisions on your behalf or communicate your wishes in the event you are unable to. The second document your estate plan should include is an advance healthcare directive, sometimes referred to as a living will. (It’s important to note that in some states, these two documents are combined into a single document.) An advanced healthcare directive clearly spells out your wishes for the end of your life. For example, you can spe...


Wills, Trusts, and Dying Intestate: How They Differ

Most people understand that having some sort of an estate plan in place is beneficial. However, many of us do not take the first steps to get that estate plan in place because we do not understand the nuances between a will and trust, and the impact of dying without either.

Here is what will generally happen if you die with a will, with a revocable living trust, or without either, which is referred to as dying intestate. For this example, we are assuming you have two children, but no spouse:

1. If you die intestate, your accounts and property will go through probate and anyone can find out what you owned, what you owed, and who got what. Your mortgage company, car loan company, and credit ca...


Three Common Reasons People Procrastinate on Their Estate Plan


There’s no doubt it can feel challenging to get motivated about your estate plan. You might feel uncomfortable thinking, let alone talking, about death. Maybe you feel you just don’t have time to complete what you anticipate will be a long and stressful process. Or, the whole idea of an estate plan may just seem confusing. Even if you have one or all of these thoughts running through your mind, you also likely want to make sure your loved ones are protected and receive your hard-earned money and property if something happens to you.

These are some of the most common reasons people provide when asked why they still do not have an estate plan in place. Do not let these common road...


COVID-19 and Minor Children: Things to Consider Now


Protecting your family is important, especially when you have minor children, and even more so now that we are living through a pandemic. With all of the unknowns of our current situation, you need some certainty. Having an up-to-date estate plan can be the first step toward providing that certainty in an uncertain world.

Many people believe estate planning should only be used to make arrangements for your death. However, a properly crafted estate plan should also be used to make arrangements for circumstances where you are still alive but you are unable to make decisions for yourself or your minor children. The inability to make decisions or care for oneself or a minor child is often referre...