Category Archives: Estate Planning
Should You Have a Letter of Instruction?
A comprehensive estate plan should include a will or trust as well as advance directives, like a living will and a designation of health care surrogate. Another helpful estate planning tool is the letter of instruction, though few have it. Unlike the other documents mentioned above, a letter of instruction is not legally binding…. Read More »
Is it Time to Update Your Advance Directives?
Advance directives like living wills and powers of attorney are an essential part of any estate plan. Should you become incapacitated, you will need someone to manage your finances and make healthcare decisions for you. However, many people fail to update their advance directives as circumstances change, and as a result they are not… Read More »
3 Problems when Administering a Trust
Many people make a trust an integral part of their estate plan. Trusts can offer many advantages, including the ability to pass assets outside probate. However, someone needs to administer the trust. Many people serve as the initial trustee, but after their deaths someone must take over, often a family member or a close… Read More »
Protecting Seniors from Identity Theft
Senior citizens are popular targets for identity thieves. Not only do many seniors have more savings than younger people, but many are isolated from family and friends and will never report the theft. To protect yourself or a loved one from identity theft, follow the tips below. Avoid Giving Out Personal Information Identity thieves… Read More »
Considerations When Naming A Beneficiary To Your Retirement Account
To have a proper estate plan, you will need either a will or a trust (or both). However, some property will pass outside of probate by other means. One such asset will be your retirement account. Once you identify who you want to receive your benefits after you die, you will designate them by… Read More »
The Importance Of Estate Planning For Unmarried Couples
Many couples never marry. They might even be together for years or decades but have never gotten around to saying “I do” or don’t feel that marriage is that important to begin with. However, as we age, we soon find out that marriage carries many important legal benefits. If you choose not to marry,… Read More »
Keeping Good Records For Your Survivors
After death, a personal representative will need to collect the assets of your estate and work to pay off any creditors you owe money to. Even in the best situations, this can be a lot of work, and few people have the time to act as a personal representative in a full-time capacity. As… Read More »
Choosing A Successor Trustee
A revocable living trust can be an important part of any estate plan. When creating the trust, you appoint yourself as trustee to oversee the management of the trust assets. But what happens when you die, or if you become incapacitated and can no longer make decisions? In these situations, someone else needs to… Read More »
Use A Spendthrift Provision To Protect Heirs From Creditors
One concern many parents have when creating an estate plan is whether the assets they leave their children will be wasted. It is a sad reality that some children are not as responsible as we would like. They either get deep into debt, or they have civil judgments against them after being sued. Wouldn’t… Read More »
How Long Does Probate Take?
Probate is the process of winding up a deceased person’s estate under the supervision of the probate court. As part of the process, the judge will need to find that a person has died and pass on the validity of any will that the person created. The probate judge also names a personal representative… Read More »
