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Property You Should Not Include in Your Will

There are many types of property that should not be included in your will, property that you may not realize is, or should automatically be earmarked for distribution upon your death. Jointly held property: A house or a bank account that is in joint names with another person will pass to the survivor automatically upon your death. Such joint property has what is called a right of survivorship, that is, it passes to the survivor. Nothing you say in your will can change that. Property held in a living trust: A living trust is specifically set up to facilitate the transfer of property upon the grantor’s death and to avoid probate. Therefore, the beneficiaries of a living trust automatically receive the property held by the trust upon the grantor’s death. You can always change the terms of a revocable trust during your lifetime by amending the trust documents, but you

Planning Your Estate After (or even before) a Divorce

Divorce presents many difficult issues and decisions, and there is one more set of tasks to add to your “to do” list. You need to address your will and estate plan. It could be the will and planning documents buried deep in a filing cabinet that you and your current or soon to be ex-spouse executed 10 years ago, or the one you never got around to signing. Either way, take care of it now. While the divorce is ongoing, your current spouse still has certain rights, and when the divorce is final you want to make sure you meet your legal obligations, protect your children and exercise as much control over your life and assets as possible. Below are five things you need to do: Update your healthcare proxy. If you are ill or injured and cannot communicate for yourself, who will make healthcare decisions for you? Make sure

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