Core Points - The article discusses the differences between wills and trusts in estate planning, emphasizing that both serve distinct purposes in asset distribution upon death [2][3][4]. Group 1: Wills - A will provides instructions for asset distribution and can appoint guardians for minor children, taking effect upon the individual's death [3][4]. - Wills are relatively simple and inexpensive to create, serving as a baseline document for estate planning [4]. - Without a will, state law dictates the distribution of the estate, potentially complicating matters for the family [4]. Group 2: Trusts - Trusts are legal entities that hold assets managed by a trustee for the benefit of beneficiaries, and they can take effect when assets are transferred to them, either before or after death [5][6]. - Trusts do not go through probate, allowing for private distribution of the estate and potentially expediting the process [7]. - They offer more control over asset distribution, allowing for conditions such as spreading distributions over time or requiring beneficiaries to meet certain milestones [7].

Core Insights - Betterment Advisor Solutions has partnered with Vanilla to provide independent RIAs with special access to an estate planning platform [1][4] - Advisors on the Betterment platform can utilize Vanilla's Estate Health Check at no additional cost, which assesses clients' estate situations [2] - The partnership aims to enhance client conversations regarding estate planning and serves as a prospecting tool for advisors [3][4] Company Overview - Vanilla, founded in 2019 by Steve Lockshin, focuses on simplifying and automating estate planning processes [4] - The company has received funding from notable investors, including Venrock, Insight Partners, and prominent figures like Michael Jordan and F. William McNabb III [4] Industry Trends - The partnership reflects a growing recognition that holistic advice, including estate planning, is essential in wealth management [4] - Firms are increasingly expected to integrate estate planning into their services to strengthen client relationships [4]

Losing a loved one can be one of life’s most difficult experiences. To help avoid making emotionally driven—and potentially harmful—financial moves following a loss, it’s important to be prepared and to have an estate plan in place before something happens. In this session, we cover tips on how to start these conversations with care and confidence, proactive steps to get organized, and other resources to help. 00:00 Introductions 01:40 Why you should financially prepare for the loss of a loved one 05:20 How ...

It’s a good problem to have: too much money saved for retirement and additional funds to leave to your heirs. Will you be one of the many who never spend it all? https://t.co/xJJ1iSkWm0 ...

Your will may not control all your assets. Find out how your ex can inherit from you if you own any that don’t pass through probate and what these assets are. https://t.co/cfYsm5oqEj ...

Retirement Planning Considerations - Being child-free provides greater flexibility in retirement planning [1] - Child-free individuals need to consider healthcare and estate documents differently [1]

Wealth Management Fundamentals - Wealth management fundamentals include investment planning, tax strategies, and estate planning [1] Financial Empowerment - The report aims to empower individuals to take control of their financial future [1]

Estate Planning Basics - Estate planning is an emotional process requiring organization and key documents [1] - Core estate planning documents include power of attorney, health care proxy, living will, and last will and testament [1] - Strategic gifting can impact estate taxes [1] - Estate plans should be revisited periodically [1] Key Documents & Considerations - Power of attorney allows someone to act on your behalf [1] - A health care proxy designates someone to make health care decisions [1] - A living will outlines your wishes for medical treatment [1] - A last will and testament outlines how your assets will be distributed, probate may be required [1] - Wills and trusts serve different purposes in estate planning [1] Resources - Fidelity provides resources for creating an estate plan and avoiding common pitfalls [1] - Money Unscripted releases new episodes bi-weekly on Tuesdays [1]

The biggest financial handoff in US history is happening right now, and your family could be playing a key role. More than 105 trillion in assets are expected to be passed down over the next few decades. And with housing prices up nearly 70% since 2019, real estate has become the ultimate gift for the next generation.So, how do you give your kids real estate without triggering a tax nightmare. The simplest gift you can give is money for a down payment or other home purchasing costs. You can gift up to $19,0 ...

It's not easy to talk money with your parents, but having the discussion now ensures that you can fulfill their wishes when they pass. Here's what to ask. https://t.co/0fFHxllou8 ...