One reason for having a will is to make sure your wishes are carried out. If you die “intestate” (without a will), your assets will be distributed by state law, not by your desires.
Estate experts agree that a financial power of attorney is one of the most important documents to include in your estate planning. It allows you (the “principal”) to name a person you trust (your “agent”) to make decisions about your property and finances if you cannot.
A joint and survivor annuity provides lifetime income payments for an annuity owner and their survivor. You contribute a lump sum of money to the joint and survivor annuity and can usually start receiving income almost immediately.
When the rapper Coolio died in September, he joined a group of notables that includes Prince, Howard Hughes and Pablo Picasso—all of whom died without specifying who should inherit their money and estate.
If you’re set to inherit, you may be wondering what estate expenses are paid by the beneficiary. The answer can depend on what assets are passed on to you when a family member or loved one passes away.
