The loss of a spouse is one of the most emotional experiences you will probably have to go through over the course of your life. The last thing you may wish to think about while you are grieving the loss of a spouse is something as seemingly mundane as updating your estate plan. Failing to do so, however, could lead to some unintended and unwanted consequences. Let's explore some common changes that you may wish to your estate plan following the death of a spouse. Last Will and Testament – … [Read more...] about Changes to Make Following the Death of a Spouse
Estate Planning
Choosing an Estate Planning Attorney
Creating a comprehensive estate plan is one of the most important things you will do during your lifetime. When done properly, your estate plan will ensure that your loved ones are well provided for in the event of your untimely death as well as distribute your assets pursuant to your wishes. If not executed properly, it can wreak havoc with your finances and fail to provide the protection for your loved ones that it was intended to do. Given the importance of your estate plan, the first step in … [Read more...] about Choosing an Estate Planning Attorney
Basics of Powers of Attorney
A power of attorney, or POA, is a legal document that has been around in varying forms for centuries. The concept, or purpose, behind a power of attorney is the ability to give another person the legal authority to act on your behalf. The extent and the duration of the authority depends on the type of POA that you execute. Although POAs are widely used by people of all ages, they are particularly popular with the elderly. Unfortunately, they are also widely used by people who want to take … [Read more...] about Basics of Powers of Attorney
What are the Benefits of Estate Planning?
Many people choose to put off estate planning because they feel it is not a necessity until a later time in life. The truth is, everyone needs to have an estate plan in place. This will help to prepare for the unexpected. Below are five key of the benefits of having an estate plan. To commence your planning, schedule a meeting with an experienced and qualified estate planning attorney today. Give you and your family peace of mind. With a plan in place, you and your family members will … [Read more...] about What are the Benefits of Estate Planning?
The Importance of Choosing the Right Fiduciaries
Estate planning is a complex, yet incredibly important, undertaking. One of the most important aspects of estate planning is choosing people for the fiduciary roles within your plan. This is also an area where people frequently make mistakes. Let's explore the importance of choosing the right fiduciaries. What Is a Fiduciary? The law defines a fiduciary as “a person who holds a legal or ethical relationship of trust with one or more other parties (person or group of persons).” Typically, a … [Read more...] about The Importance of Choosing the Right Fiduciaries
What is an Assignment and Nominee Agreement?
What’s an “Assignment and Nominee” agreement and what does it do? Prudent attorneys use such an agreement as a belt and suspenders approach to funding. We include this critical planning tool in each trust-based estate plan we create for our clients. See the following discussion of them by my friend and colleague Steve Hartnett, an estate planning expert. Read on to learn more. … [Read more...] about What is an Assignment and Nominee Agreement?
Leaving Assets Can Be Tricky – Part 3 of 3
Leaving assets to your adult children or other beneficiaries may seem simple. But in many situations, it can be quite tricky. For example, if you have a beneficiary with special needs, you must take special care. This last installment of a 3 part series by my friend and colleague Steve Hartnett, an estate planning expert, explores these sometimes thorny issues. Read on to learn more. … [Read more...] about Leaving Assets Can Be Tricky – Part 3 of 3
Leaving Assets Can Be Tricky – Part 2 of 3
Leaving assets to your adult children or other beneficiaries may seem simple. But in many situations, it can be quite tricky. This second installment of a three part series by my friend and colleague Steve Hartnett, an estate planning expert, explores these sometimes thorny issues. Read on to learn more. … [Read more...] about Leaving Assets Can Be Tricky – Part 2 of 3
Leaving Assets Can Be Tricky – Part 1 of 3
Leaving assets to your adult children or other beneficiaries may seem simple. But in many situations, it can be quite tricky. This three part series by my friend and colleague Steve Hartnett, an estate planning expert, explores these sometimes thorny issues. Read on to learn more. … [Read more...] about Leaving Assets Can Be Tricky – Part 1 of 3
Funeral Arrangements Can Make or Break Family Relationships
Until you’re in the heat of the moment in your own family or witness discord in someone else’s family, the thought of funeral arrangements making or breaking family relationships may sound downright silly. But, it’s not. In actuality, funeral arrangement disagreements (and the distribution of sentimental personal property) can and does cause too many family fights. Both can be avoided by planning ahead and communicating that plan to loved ones. Be sure to think about, plan, and let your … [Read more...] about Funeral Arrangements Can Make or Break Family Relationships
