Who Should be Your Successor Trustee?

If you have a revocable living trust, you probably named yourself as trustee so you can continue to manage your own financial affairs, but eventually, someone will need to step in for you when you are no longer able to act due to incapacity or after your death.  Your successor trustee plays an important role in the effective execution of your estate plan. The Key Takeaways: Because successor trustees have a lot of responsibility, they should be chosen carefully. Successor trustees can be your adult children, other relatives, a trusted friend, or a corporate or professional trustee. Responsibilities of A [...]

By |2021-09-21T17:51:52+00:00August 23rd, 2018|Categories: Design, Estate Planning, Trusts|Tags: , , |0 Comments

How to Choose a Trustee

When you establish a trust, you name someone to be the trustee.  A trustee does what you do right now with your financial affairs – collect income, pay bills and taxes, save and invest for the future, buy and sell assets, provide for your loved ones, keep accurate records, and generally keep things organized and in good order. The Key Takeaways You can be a trustee of your revocable living trust.  If you are married, your spouse can be co-trustee. Most irrevocable trusts do not allow you to be a trustee. Even though you may be allowed to be your [...]

By |2021-09-21T17:52:10+00:00August 23rd, 2018|Categories: Estate Planning, Trusts|Tags: |0 Comments

How to Pick a Trustee, Executor, and Agent Under a Power of Attorney

While the term fiduciary is a legal term with a rich history, it very generally means someone who is legally obligated to act in another person’s best interests.  Trustees, executors, and agents are all examples of fiduciaries.  When you pick trustees, executors, and agents in your estate plan, you’re picking one or more people to make decisions in your and your beneficiaries’ best interests and in accordance with the instructions you leave.  Luckily, understanding the basics of what each of these terms means and what to consider when making your choices can make your estate plan work far better. Trustee [...]

Protecting Your Children’s Inheritance When You are Divorced

Consider this story.  Beth’s divorce from her husband was recently finalized.  Her most valuable assets are her retirement plan at work and her life insurance policy.  She updated the beneficiary designations on both to be her two minor children.  She did not want her ex-husband to receive the money. Beth passes away one year after her divorce.  Her children are still minors, so the retirement plan and insurance company require an adult to be appointed to receive the inheritance Beth left behind.  Who does the court presumptively look to serve as the caretaker of this money?  Beth’s ex-husband who is [...]

Beneficiary Designations and a Blended Family: Why You Need to Think Before You Sign

Whether you are in your first marriage or have remarried after a divorce, blended families are a common part of modern society. That being said, it is important to understand that blended families and subsequent marries create important and unique issues when it comes to estate planning. You may need to account for a prior spouse who is still caring for minor or disabled children, and also possibly make sure your current spouse and any children you had together – and any step children – are also taken care of after you pass away. The good news is that estate [...]

Finding the Right Fit: Questions for Prospective Wills and Trusts Attorneys

It goes without saying that estate planning is incredibly important and is more than just having a will or a trust.  Estate planning offers a sense of security for you and your loved ones that your wishes will be carried out.  With such an important and personal endeavor, selecting the right Wills and Trusts Attorney is crucial. Doing your homework, familiarizing yourself with the options and asking questions will be critical to getting someone who’s actively looking out for your interests. There are several key factors you should consider when interviewing potential attorneys and ultimately deciding which one to hire. [...]

By |2021-09-21T18:22:27+00:00August 23rd, 2018|Categories: Estate Planning, Trusts, wwPROBATE|Tags: , , , |0 Comments
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