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Owners of high-net-worth estates typically monitor and amend their estate plans regularly. They understand that the responsibility of financial stewardship will ensure continued wealth for many generations.

Storing important documents in digital form provides convenient copies that can be accessed by trusted individuals involved in your estate planning. They will also need access to online accounts in emergencies.

AARP reports that Baby Boomers are the generation with the highest divorce rates. Divorce among older adults in the United States has been on the rise since 1990. By 2019, 36 percent of divorces involved people 50 and older.

When a loved one passes away, it’s important to get a death certificate. This document is necessary to handle the financial and legal affairs of the deceased person.

Nearly one-third of young adults don’t have a budget, which creates a huge stumbling block for financial success. Give your children the tools they need to control their money instead of wondering where it went.

In general, the probate process moves quickly if the estate has minimal assets and little debt. Larger estates can take anywhere from nine months to a few years, especially with problematic family dynamics.

What would happen if you became seriously ill or injured and were no longer able to make your health care decisions? A living will can outline your wishes so your loved ones can make informed decisions about your care in an emergency.

When making a will, you’ll work with an estate planner to designate those who will inherit from you. The persons (or entities, such as a charity) you choose are the beneficiaries of your will.

Estate planning for blended families is key to a smooth inheritance process, especially since probate rules and intestate succession law do not treat step and biological children the same when it comes to inheriting.

More and more elders are choosing to pass on their wealth to heirs while they’re still alive. The growing popularity of “giving while living” comes as good fortune for the many young people who are currently unable to afford a home.