Estate Planning Mistakes

COMMON ESTATE PLANNING MISTAKES Document Errors in Your Will or Living Trust One of the most common mistakes is to not keep your will current. Mistakes can include heirs being left out or deceased parties being named as the executor. Your will or living trust should be regularly reviewed at least: On marriage, divorce or separation of anyone named in …

Why should I create a life insurance trust?

Should the unthinkable happen and a loved one pass away without any advance planning, their family members could find themselves dealing with avoidable costs and expenses. Life Insurance held in an irrevocable trust can be one tool for helping your family avoid estate taxes and have sources of cash on hand to pay taxes or expenses. WHAT IS AN IRRECOVABLE LIFE INSURANCE TRUST (ILIT)? An …

Can I name minors as my beneficiaries?

One of the main concerns with naming a minor as a beneficiary is ensuring that any money is used for appropriate purposes, like health or education. Creating a well-designed plan will ensure the money is used in a responsible way. Trusted Adult The first step to naming minors as beneficiaries is to find an adult or person over the age …

What questions do I need to ask when choosing a guardian?

No matter how old or young you are, creating an estate plan is a vital step. Young families need to consider planning for their future especially when children are involved. Choosing the appropriate guardian is an important step and Estrada Legal is able to help you create a well-designed estate plan that fits your family’s needs. What questions do I …

Why Is An Estate Plan Important For Your Income Type?

No matter how old or young you are, creating an estate plan is vital for the future of your financial state. Even if you are not a millionaire, creating an estate plan is essential to ensure that the proper people inherit the assets you have accumulated over a lifetime. Assets are more than just a house or car; assets also …

What Are The Basics of Estate Planning?

Estrada Legal PC works with individuals to create appropriate estate plans to ensure that they and their family are protected from unplanned events. Simply stated, we believe your family is your most important asset. You may be wondering what exactly is included in an estate plan or if you need planning for your current assets. Many people believe that estate …

What do I Need to Know When Accepting an Inheritance?

Inheriting money from a loved one after they pass is special gift, but the responsibility of receiving a large sum of money can also have certain implications. Estrada Legal P.C. is able to help those who inherit money from a loved one understand the legal aspects of inheriting money. Consider Every Option When a loved one passes, take time to …