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Do You Update Your Estate Plan as Often as Your Resume?

A resume is a snapshot of your experience, skill set, and education that provides prospective employers insight into who you are and how you will perform. Imagine not updating your resume for five, ten, or even fifteen years. Would it accurately reflect your professional abilities? Would it do what you want it to do? Probably not. Estate plans are similar in that they need to be regularly updated to reflect changes in your life and the law so they can do what you want them to do. Outdated estate plans, like outdated resumes, simply do not work.

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Important Questions to Ask When Investing in a Vacation Property

According to the National Association of Home Builders, in 2018 there were approximately 7.5 million second homes, making up 5.5 percent of the total number of homes.[1] These homes are not only real estate that must be planned for, managed, and maintained, they are also the birthplace of happy memories for you and your loved ones. Following are some important estate planning questions to consider to ensure that your place of happy memories is protected.

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Updating Your Estate Plan: How Many Tweaks Are Too Many?

If your life or the law has changed since you signed your last will and testament (will) or trust agreement, you need to update your document. You can make updates to a revocable living trust by way of an amendment or a complete restatement of the trust agreement. An amendment updates a specific part of the trust whereas a restatement creates a new set of operating instructions for the entire trust. You might think that an amendment would cost less than a restatement, but that is not necessarily true. If you have a will, you can make small changes or updates with a codicil. You also have the option to create a new will with new instructions.

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An Estate Plan Should Not Be a Set-It-and-Forget-It Endeavor

As we all know, life happens. There is really nothing we can do about it. However, some of the most common life events can have a dramatic effect on your estate plan. If you think your estate plan is like a slow cooker and you can set it and forget it, you and your loved ones may be in for a stomach-turning surprise when it is time to put your plan into action. Let us take a look at some common life changes and the impact they may have on your already established estate plan.

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When Rock Legends Pass Away: The Possible Fates of Meat Loaf’s $40 Million Estate

Meat Loaf, whose real name was Michael Lee Aday, passed away earlier this year at the age of seventy-four. The singer behind 1977’s Bat Out of Hell—one of the best-selling albums of all time—experienced ups and downs befitting his larger-than-life persona. He hit bottom with his 1983 bankruptcy but rode a 1990s career rebirth to newfound financial success. The musician, actor, and producer’s net worth was estimated to be $40 million at the time of his death in January 2022.

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No Contribution Is Too Small

 Most Americans strive to earn a decent-sized paycheck to support themselves and their families when they go to work. Stay-at-home parents, however, work to provide valuable nonfinancial contributions to their families everyday. They make sure that the home runs smoothly and that their family members have what they need to be successful and happy. If something were to happen to the stay-at-home parent, how would the family’s needs be met?

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What to Know about Nonfungible Tokens

A nonfungible token (NFT) is a unique digital code that represents a digital item such as art or music, as well as a growing number of physical items, that runs on the blockchain (a secure, decentralized, and cryptography-backed online ledger) and provides proof of ownership of virtual collectibles. That explanation may cause confusion, and when it comes to NFTs, confusion and excitement are present in equal parts. NFTs can generate new streams of revenue for creators and be a store of value for collectors. If you own NFTs or plan to invest in them, you should update your estate plan accordingly. Handing down an NFT is more complicated than passing on a physical item or other traditional asset. But with buzz building around NFTs, they could end up being among the most valuable items in your estate.

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