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?
Category: Trustee
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’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?
Why are Trusts a Good Idea?
Estate planning attorneys know trusts are the Swiss Army knife of estate planning. Whatever the challenge is to be overcome, there is a trust to solve the problem. This includes everything from protecting assets from creditors to ensuring the right people inherit assets. There’s no hype about trusts, despite the title of this article, “Trusts—What Is … Continue reading Why are Trusts a Good Idea?
Estate Plans Can Protect against Exploitation
Financial exploitation is far more common than most people think, especially of the elderly. There are several types of individuals more at risk for exploitation, according to an article from mondaq titled “How An Estate Plan Can Protect Against Financial Exploitation.” These include someone with a cognitive impairment, in poor physical health, who is isolated or has a learning … Continue reading Estate Plans Can Protect against Exploitation
Estate Planning Considerations for Minor Children
Creating an estate plan with minor children in mind has a host of variables quite different than one where all heirs are adults. If the intention is for the minor children to be beneficiaries, or if there is a remote chance a minor child might become an unintended beneficiary, different provisions will be needed. An … Continue reading Estate Planning Considerations for Minor Children
Factors to Consider when Picking Executor, Trustees and POAs
Having your estate planning documents created with an experienced professional is important, as is naming the people who will be putting your plan into action. A key sticking point is often deciding who is the right person for the role, says an article from Nasdaq titled “Estate Planning: 5 Tips to Pick Trustees, Executors and POAs.” It helps to … Continue reading Factors to Consider when Picking Executor, Trustees and POAs
What Is the Point of a Trust?
A trust is an agreement made when a person, referred to as the trustor or grantor, gives a third party, known as the trustee, the authority to hold assets for the trust beneficiaries. The trustee is in charge of the trust and responsible for executing the trust’s instructions as per the language in the trust, … Continue reading What Is the Point of a Trust?
Can You Prevent Family Fights over Inheritance?
Inheritance battles can create new conflicts, inflame long-standing resentments and squander assets intended to make heir’s lives better. What can families do to prevent estate battles when a loved one’s intentions aren’t accepted is the question asked by the article, “Warning Signs Of Estate Disputes—And Ways to Avoid Them,” from mondaq.com. Here are the more common scenarios leading … Continue reading Can You Prevent Family Fights over Inheritance?
Should I Need a Trust in My Estate Plan?
Fed Week’s article entitled “Considerations for Including a Trust in Your Estate Plan” describes what a trust can offer. This includes the following: If your heirs are young, you can set up a trust to stay in effect until they are older and can handle their own finances. Another option is to keep the trust in effect … Continue reading Should I Need a Trust in My Estate Plan?