In other words, most Gen Xers haven’t made a will, created a trust or signed forms that empower others to make financial, legal or medical decisions on their behalf.
Marriage creates shared financial responsibilities and legal rights. However, it doesn’t automatically take the place of a formal estate plan
It’s a question many remarried couples face: If one spouse passes away, what happens to the inheritance if there are children from a previous marriage?
The responsibilities differ significantly. The wrong choice can create friction, delays, or even conflict.
Probate can delay inheritances, increase expenses and create unnecessary stress for families. It’s essential to take the right steps to avoid the process.
Between 2020 and 2024, the number of probate and estate cases entering state courts rose about 32%, based on data from 39 states, according to the independent nonprofit National Center for State Courts.
Avoiding probate helps heirs receive their inheritance more quickly, privately and with less cost.
For Americans navigating estate planning, a revocable living trust may be the first place to start.
When you die, estate planners say, one of the finest gifts you can leave your heirs is a plan for avoiding probate.
Estate planning is a critical aspect of managing one’s personal and financial affairs, yet it is often overlooked until circumstances make it urgent.
