People create wills to establish what happens to their money and assets when they pass away. In these estate planning documents, they can name beneficiaries – individuals who will receive money, other assets, or specific bequests like sentimental items upon the person’s death. Are Beneficiaries Heirs? Both beneficiaries and heirs can inherit money and assets when someone dies. While beneficiaries can be the decedent’s family, they do not have to be related to the person who made the will. Beneficiaries can also be friends, charity organizations, or other entities; they are specifically named in a person’s will. In the event Continue Reading
Are Wills Public Record?: Estate Planning Q&A
Wills contain important information about who receives money, possessions, and property upon a person’s death. Who can view this information, and is it a public record? Once your will goes through probate, it becomes a public record. The probate court must maintain the will so that the public can access it. Anyone can visit the probate court to view the will, regardless of whether they are an heir or beneficiary. For a fee, they can obtain a copy. In some counties, wills are also available online. Why Are Wills Public Records? Numerous individuals could have a right to receive assets Continue Reading
Estate Planning for Your Digital Legacy
One aspect of your estate plan that you may not yet have taken into consideration is your digital legacy. Arranging what happens to your digital assets and information when you pass away has become an increasingly essential component of financial literacy — and comprehensive estate planning. According to Pew Research, the number of adults in the United States who say they use the internet has grown from 52 percent in 2000 to 93 percent in 2021, with 85 percent using the internet daily. Many people rely on digital technology to socialize, work, pay bills, and manage their affairs. Including Digital Assets Continue Reading
How Your IRA Can Benefit Both Your Heirs and Charity
Do you want to use your IRA to help a charity, but also benefit your heirs? Instead of leaving your IRA directly to your children, you can leave it to a charitable remainder unitrust (CRUT) while still benefiting your children. With the SECURE Act making changes to rules about inherited IRAs, this may be an attractive estate planning option. Under the SECURE Act, when a non-spouse inherits an IRA, the beneficiary must withdraw all of the assets in the inherited account within 10 years (with some exceptions, such as if the beneficiary is disabled or chronically ill). There are no required distributions during those 10 Continue Reading