When you create an estate plan these days, you need to worry about more than the money in your bank or retirement account, your house and the things in it.
The idea of an inheritance is fairly universal, and most people you ask may say that they expect to get one someday. However, one survey showed that is not the case at all, as most of the people who responded had never gotten one.
When creating an educational trust for multiple heirs -- three grandchildren, for instance -- people will sometimes elect to put all the money into the same "pot." They just set up a general fund and all three heirs are allowed to take the money out and use it for college-related expenses.
Estate planning essentially involves determining how to pass your estate on to your children when you die. However, who says you have to wait until then to give them the assets you have set aside for them? Should you consider doing this while you are still alive?
What do Prince, John Denver, Tupac Shakur and Amy Winehouse have in common? They all died without a will. As a recent CNBC article noted, the years have seen many famous musicians with large estates die without a will or similar estate planning device in place. Reports are that Aretha Franklin now also makes this list.