Trusts have become ubiquitous parts of estate plans. Many Estate Plans use revocable trusts as the foundation for the plan while others include irrevocable trusts. Regardless of the planning reason, every trust needs a trustee. The grantor may name the beneficiary as trustee, or the grantor may name another individual or entity as trustee, creating a natural tension between the beneficiary and trustee. If the tension becomes too great, the beneficiary may seek to have the trustee removed. As … [Read more...] about What Happens When You Don’t Trust Your Trustee – Part II
Estate Planning
Yes, Millennials Need Estate Plans
A lot of people think that estate planning is something that you do not have to think about until you are a senior citizen. In fact, according to a survey that was conducted by Caring.com this year, 67 percent of adults do not have estate plans in place. Surprisingly, only 46 percent of individuals that are 55 years of age and older have wills or trusts, but the numbers are far worse for millennials. This is disturbing because estate planning is important for all responsible adults. Young … [Read more...] about Yes, Millennials Need Estate Plans
An Informative Discussion With an Estate Planning Lawyer
If you had the opportunity to speak with an estate planning lawyer who was willing to answer your questions, what would you ask? You would certainly learn a lot if you were in this position, and we will share a possible conversation of this nature in this post to shed some light on the subject. Is a will the right transfer document to use if you are not extremely wealthy? The idea that trusts are only for the rich is a misconception. Yes, there are irrevocable trusts that are used by … [Read more...] about An Informative Discussion With an Estate Planning Lawyer
R-E-S-P-E-C-T Find Out What It Means To…Your Estate Plan
Individuals often have reservations about seeking out an attorney’s help with their Estate Plan. Sometimes they worry about the cost, other times they think that they can do it on their own, and sometimes they die before the thought of creating an Estate Plan ever crosses their mind. Unfortunately, the issues that arise from a lack of proper Estate Planning on death don’t care who we are. As this blog demonstrates, even celebrities struggle with creating a comprehensive Estate Plan. Read on to … [Read more...] about R-E-S-P-E-C-T Find Out What It Means To…Your Estate Plan
Unraveling Jargon: Understanding Essential Estate Planning Terms
Embarking on your journey to understanding estate planning may initially seem daunting, with a complex set of terms and concepts to grasp. But fear not, we're here to demystify some of the most common phrases in the realm of estate planning to make this process more accessible. Let's delve into these terminologies. Estate Planning Let's begin with the very term itself. Estate planning is the process of arranging for the distribution of an individual's assets after their death. It also covers … [Read more...] about Unraveling Jargon: Understanding Essential Estate Planning Terms
Estate Planning Essentials for Single Seniors: Your Guide
In the realm of estate planning, single seniors have unique considerations that set them apart from their coupled or familial counterparts. Being single, senior, and childless means addressing specific challenges to secure your future. Here's what you need to know. Why Singles Need Special Attention The absence of a spouse or immediate family members in the decision-making process makes estate planning not only necessary but also more complex for single seniors. Choose Your Representatives … [Read more...] about Estate Planning Essentials for Single Seniors: Your Guide
How to Update Your Estate Plan After Major Life Changes
Life is a series of ups and downs, twists and turns. As you journey through its various phases, your priorities and needs evolve. The same should apply to your estate plan. Major life changes like marriage, divorce, the birth of a child, or even retirement require immediate attention to your estate planning documents. Here’s how you can effectively update your estate plan to adapt to these significant milestones. Identifying the Trigger Points First and foremost, recognize what constitutes … [Read more...] about How to Update Your Estate Plan After Major Life Changes
How to Choose the Right Executor or Trustee for Your Estate Plan
When it comes to estate planning, the significance of choosing the right executor for your will or the right trustee for your trust cannot be overstated. These individuals will have considerable responsibilities, such as distributing assets, settling debts, and making vital decisions. Making the right choice will ensure that your estate plan unfolds seamlessly. Here's how to make that important decision. Assess the Complexity of Your Estate Firstly, consider the complexity of your estate. … [Read more...] about How to Choose the Right Executor or Trustee for Your Estate Plan
Prioritize Health Care Directives in Your Estate Plan
When discussing estate planning, most people think of wills, trusts, and asset distribution. Yet, an often-ignored but crucial aspect is planning for incapacity with health care directives. In this blog, we’ll explore why including a living will, a durable power of attorney for health care, and a HIPAA release in your estate plan is essential for a comprehensive approach. Living Will A living will is a legally binding document that outlines your preferences regarding life-support treatments. … [Read more...] about Prioritize Health Care Directives in Your Estate Plan
Estate Planning in Four Simple Steps
Surveys are conducted that ask people if they have wills or trusts in place. Year after year, they find that most people are completely unprepared from an estate planning perspective. Interestingly enough, the majority of these people say that they know that it is an important responsibility. Why do they fail to act? One reason is that they simply do not know where to begin, and with this in mind, we will share some steps that will help you get started. Assess Your Assets The first step you … [Read more...] about Estate Planning in Four Simple Steps
