You need to name back up trusted helpers in your estate planning documents because as life rockets along, people and circumstances change. For example, the trusted helper you named to raise your minor children may not be able to serve when the time comes. Jan was a single mom. She had a great relationship with her only sister, Becca. So, when Jan had her two children, Elle and Eric, she named Becca as their guardian in her will. Becca carefully considered the responsibilities and … [Read more...] about Why You Need to Name Back Ups in Your Estate Planning Documents
Wills & Trusts
4 Reasons You Need a Will
Have you been putting off creating your will? If you have yet to handle this important planning, now is the time to do so. Without a will, you won’t be in control of your estate’s affairs. A will is one of the most important planning documents that keep you in control. Take a look at the information below to learn the 4 reasons why you need a will. If you have any questions, or if you’d like to execute your will, meet with an estate planning attorney. Provide greater peace of mind. It’s … [Read more...] about 4 Reasons You Need a Will
Estate Planning is Not an Unnecessary Expense
When money is tight, the last thing you may be thinking about is spending it on estate planning. While some people may feel that paying money to an attorney to help them with their estate plan is an unnecessary expense, nothing could be further from the truth. In fact, an estate plan should be one of the primary things that you spend your money on, even during a recession. If you invest in a solid estate plan, you can rest easy knowing that your family will be taken care of, even if something … [Read more...] about Estate Planning is Not an Unnecessary Expense
Should You Agree to be a Trustee?
If you have been asked to be the trustee for someone’s trust, you will want to carefully consider the responsibilities and expense involved before agreeing to take on this job. Most people look at this as a great honor and it is. However, it is also a great responsibility, as well as a job that can become very tedious. For one thing, when you are appointed as trustee to someone’s trust, everything that you do could be scrutinized at some point in the future. Even if you are acting in good … [Read more...] about Should You Agree to be a Trustee?
Should You Amend Your Will
There could be any number of reasons why you might want to amend your will. Possibly you have changed your mind about who your beneficiaries will be, or you have added significant assets to your estate and must change your will to reflect your changing situation. At one time, it was common for people to simply go to an attorney and have their will amended to reflect the changes that they wanted, but today this is no longer practical for many reasons. The first being that the laws change on a … [Read more...] about Should You Amend Your Will
Incentive Trusts & Your Estate
There are many different ways to arrange for assets to be transferred to your loved ones when you're planning your estate, and the correct vehicle can vary depending on the personal proclivities of the beneficiaries involved. You may have no concerns about leaving a direct inheritance to those who are mature and established in their own right, having demonstrated the ability to handle their own affairs effectively. But, on the other hand, you may have heirs who are not be ready to manage large … [Read more...] about Incentive Trusts & Your Estate
Avoiding Living Trust Mills
A living trust can be a powerful estate planning tool – it not only allows you to control and set parameters on the distribution of your property after you die, but it offers a mechanism to manage your property in the event of incapacitation. Because of their popularity, particularly when it comes to allowing property to avoid probate, there have been some unscrupulous sales tactics over the past decade. One of these tactics we call a "trust mill." The trust mill scam is a nationwide problem … [Read more...] about Avoiding Living Trust Mills
What Does Per Stirpes Mean in Estate Planning?
Some of the legalese used in estate planning can sound like a foreign language, and in some cases it may be. Per Stirpes is one of the those terms. So, what does it mean? That may be one of the most common questions from clients when they review their estate planning documents. It's certainly a fair question, since it doesn't tend to come up in everyday conversation. This term is commonly used in estate planning, since writing out the actual meaning of the phrase would add another large … [Read more...] about What Does Per Stirpes Mean in Estate Planning?
Five Signs you may Need a Living Trust
Many estates can benefit from a living trust, but how do you know if one is right for you? Here are just five of the signs a living trust may benefit your estate plan: 1. You want property to avoid probate. Probate is the legal process that settles an estate. In New York it takes place in Surrogate’s Court. The process is known to be time consuming and costly for larger estates. A living trust actually owns your property, therefore trust property avoids probate. 2. You … [Read more...] about Five Signs you may Need a Living Trust
Estate Planning and Unusual Last Requests
Did you hear the one about the woman who wanted to be buried in her nightgown in her Ferrari? It’s no joke, it happens to be one of the many strange will requests that have made the news over the years. Unusual last wishes are nothing new in the estate planning business, in fact, there are several famous last wishes throughout history, including: Napoleon Bonaparte left a wish to have his head shaved and the hair divided up amongst his friends. This wish was carried out, in fact, a recent … [Read more...] about Estate Planning and Unusual Last Requests
