A spendthrift trust, according to the article “Possible to spendthrift-proof a trust” from Record Courier, is created for the benefit and protection of a financially irresponsible person. For a spendthrift trust, it may be better not to choose a family member or trusted friend to serve as the trustee. Such person might not live long enough or have … Continue reading How Do I Stop Heirs from Foolishly Wasting Inheritance?
Category: Estate Planning Lawyer
What Is a Pour-Over Will?
A pour-over will is a particular kind of will created to work with a trust, with a goal of facilitating the transfer of assets if the person creating the trust (the grantor) has not transferred all of their assets into the trust. This happens more often than you’d think. How do you know if you … Continue reading What Is a Pour-Over Will?
Does ‘Gray Divorce’ Fit into Estate Planning?
According to the Pew Research Center, the divorce rate has more than doubled for people over 50 since the 1990s. According to the AARP’s article entitled “Getting Divorced? It’s Time to Update Your Caregiving Plan.” A divorce can be financially draining. Moreover, later-in-life divorces frequently impact women’s finances more than men’s. That is because in addition … Continue reading Does ‘Gray Divorce’ Fit into Estate Planning?
Does a Will Protect My Money and My Family?
If you die without a valid will, your state may keep more of your assets than if you have a will. Your family won’t have any control and the court will follow the laws of your state regarding how your assets are distributed. That’s probably not what you want to happen, according to the article “People … Continue reading Does a Will Protect My Money and My Family?
What Is a TOD Beneficiary?
It’s possible to name a TOD beneficiary for many account types—retirement accounts, savings accounts and even brokerage accounts. This can help you and your heirs avoid the sometimes costly process of probate. You can name anyone. However, if you’re married, your spouse may have special rights over your assets that take precedence over your named … Continue reading What Is a TOD Beneficiary?
Should I Update My Estate Plan?
An estate plan exists to accomplish three things. Real Daily’s article entitled “4 Good Reasons to Update Your Estate Plan” says that as you age, you should consider updating your estate plan. Why? Well, your feelings may change over time or you may experience a significant life event that requires you to update things. These are events … Continue reading Should I Update My Estate Plan?
What Happens If My Partner Dies and We’re Not Married?
Traditional or non-traditional couples have the option of marrying, but not all couples wish to, according to an article from Kiplinger, “Marriage: When You’d Rather Not.” Planning for a life together without the legal protections provided by marriage means couples of all kinds who decide not to marry must be sure to do estate planning. Otherwise, they … Continue reading What Happens If My Partner Dies and We’re Not Married?
What Does a Blended Family Need to Know about Finances?
Family finances can be a big issue in any circumstances. It’s even more significant with blended families, where two sets of often well-established financial histories and philosophies try to merge into one. Kiplinger’s article entitled “Yours, Mine and Ours: A Checklist for Blended Family Finances” says that a blended family is one where people have remarried, either … Continue reading What Does a Blended Family Need to Know about Finances?
What’s Involved with Being a Trustee?
There’s an old saying that the two best days in a boat owner’s life are the day they buy their boat and the day they sell it. Forbes’ article entitled “How To Be An Effective Trustee” says that a similar notion applies to being a trustee – it’s an honor to be named and then a huge relief … Continue reading What’s Involved with Being a Trustee?
Are Testamentary Trusts a Good Idea?
Not everyone wants to leave everything to their heirs without restrictions. Some want to protect money inherited from their own parents for their children or want to keep an irresponsible child from squandering an inheritance. For people who want more control over their assets, a testamentary trust might be useful, according to the article “What Is … Continue reading Are Testamentary Trusts a Good Idea?