When music icon Prince died, people were shocked that the singer and songwriter didn't leave behind a will. His six siblings stood to inherit roughly $100 million. However, the licensing rights on many of his unpublished works could be worth much more.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act went into effect at the beginning of 2020. Among other things, it changes some of the rules on certain kinds of trusts -- which means that you may need to revise your current estate plans.
Estate planning is a necessity that, for one reason or another, people tend to put off. They don't do it, even though they know they should. Don't get caught up in this common trap.
If you haven't considered using a trust as part of your estate plan, why not?
New Year's Day 2020 is right around the corner, which means that it's time to update your estate plan. Regularly updating your estate plan should become a habit. While you should always make updates after important asset or family changes right away, an annual review can help you catch something you previously overlooked.
If you're like most people, you have a lifetime's worth of personal and family mementos in your home. Unless you have a specific plan for these most precious of items, however, your executor may be at a loss when it comes to handling them.
Many people love the companionship of their pets -- especially in their golden years. However, there's always a chance that you will outlive your pet. If that happens, the people in your life may be unwilling or unable to care for the animal -- even if they agreed to previously.
If you're entering your senior years, you've probably put some thought into whom you'd like to inherit your personal items and assets. For better or worse, some of your potential heirs may have also put some thought into the same thing.
A huge part of estate planning is making sure that you pass on your family's wealth through the generations. That allows it to build and helps your descendants prosper. However, many black Americans don't feel like they have the type of wealth that needs a will to pass on -- or they simply don't think about the need for a will and other end-of-life documents.
When the music icon Aretha Franklin died, her heirs thought she had done so intestate -- or without a will to guide the disposition of her estate. Given the size and value of her assets, that created a difficult situation but the four sons she left behind agreed to put things in the care of a capable administrator.