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 [...]

An Estate Planning Checklist to Facilitate Wealth Transfer

Studies have shown that 70% of family wealth is lost by the end of the second generation and 90% by the end of the third.  Help your loved ones avoid becoming one of these statistics. You need to educate and update your heirs about your wealth transfer goals and the plan you have put in place to achieve these goals. What Must You Communicate to Future Generations to Facilitate Transfer of Your Wealth? You must communicate the following information to your family to ensure that they will have the information they need during a difficult time: Net worth statement, or [...]

By |2021-09-21T19:18:36+00:00June 11th, 2018|Categories: Estate Planning|Tags: , , |0 Comments

Year End Estate Planning Tip #3 – Check Your Mental Disability Plan

With the end of the year fast approaching, now is the time to fine tune your estate plan before you get caught up in the chaos of the holiday season.  One area of planning that many people overlook is making sure their mental disability plan is up to date. Three Areas of Your Mental Disability Plan That Are Likely Out of Date If your estate plan is more than a few years old, then your mental disability plan is likely out of date for the following reasons: Are your health care directives compliant with HIPAA? While the federal Health Insurance [...]

By |2021-09-21T19:47:14+00:00October 16th, 2014|Categories: Estate Planning|Tags: , , , |0 Comments
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