Part of the task of estate planning or updating an estate plan is to select trusted persons or entities to fill the positions of trustees, guardians, power of attorney agents, health care agents and executors. In order to make good decisions, you need to know the ideal characteristics of each role. Trustee of trust for minors. The trustee of the trust for your minor children or grandchildren will likely be the same as your settlement trustee. If you have the children joining as a … [Read more...] about How to Choose Trustees, Guardians and Agents
Parents of Minor Children
How to Choose Your Child’s Guardian (Part 2 of 2)
Choosing a guardian for your children is uncomfortable, but it’s better than the alternatives and it’s part of the Estate Planning process. What if Your Child’s Guardians Gets Divorced? You can indicate in your Will who you want to serve as your child’s guardian and include who shall continue to serve as guardian, if a couple named as guardians gets divorced. Characteristics of a Good Guardian No one will raise your children exactly as you would, but if you choose the right guardians … [Read more...] about How to Choose Your Child’s Guardian (Part 2 of 2)
How to Choose Your Child’s Guardian (Part 1 of 2)
If you don’t nominate your child’s guardian and a tragedy strikes your family, the court will and it may not be whom you would choose. In fact, it may be your alcoholic brother, Mike, crazy Aunt Mable, or the foster care system. Choosing a guardian for your children is uncomfortable, but it’s better than the alternatives and part of the Estate Planning process. Where You Appoint a Guardian You nominate a guardian for your minor children in your Will. That is true even if you have an … [Read more...] about How to Choose Your Child’s Guardian (Part 1 of 2)
What Happens After You Die…With or Without an Estate Plan (part 1 of 2)
Whether taking the time to create an estate plan or not, many people wonder how their affairs will be handled after they die. This is a completely natural thing to think about. It’s important to have some idea of how affairs are handled, so that you understand the power of estate planning. Take a look at some of the information below, to better understand how your affairs will be handled. If you have any questions, or if you’d like to create an estate plan, contact a qualified, … [Read more...] about What Happens After You Die…With or Without an Estate Plan (part 1 of 2)
Do You Need Life Insurance?
Periodically, sit down and reevaluate your need for life insurance. It’s often an essential part of an estate plan. Life insurance can be used to: Replace income Fund a business buy – sell agreement Create an estate Pay federal estate taxes Equalize an estate Provide an inheritance for a child not in the family business General life insurance tips: Only pay premiums that won’t take food off your table. If you are insurance poor, you’ll end up dropping it. Term … [Read more...] about Do You Need Life Insurance?
Probate Avoidance Made Easy (part 1 of 2)
Are you looking to avoid probate? Luckily, there are steps that you can take to ensure that your assets avoid the probate process. Avoiding probate will allow your loved ones to get their inheritances quickly. Avoiding probate can also save time, money, and keeps your affairs private. Take a look at the information below to learn more about some of the probate avoidance options. If you have any questions or if you’d like to discuss a probate avoidance plan, meet with an experienced, … [Read more...] about Probate Avoidance Made Easy (part 1 of 2)
If You’re in a Second Marriage, It is Important to Plan to Protect Your Children
If you’re in a blended family, such as a second marriage with children from a previous relationship, you can do much to keep the peace in your family with your estate plan. One way to keep the peace, using your estate plan, is to specifically consider and plan for your children. This could include not making your children wait until your second spouse dies before they will inherit. Waiting and putting the children second may cause hurt feelings and a breakdown of relationships that you’ve … [Read more...] about If You’re in a Second Marriage, It is Important to Plan to Protect Your Children
Answers To Your Living Trust Questions (3 of 3)
Trusts have been around for hundreds of years; specifically, the living trust gained popularity in the 1970s as a probate avoidance technique. Today, living trusts are often used as a foundational document in estate plans. We've found that many folks have both questions and misconceptions about the living trust; so, in this three part series, we answer your living trust questions. Does everyone need a living trust? Most folks would likely benefit from having a living trust; however, if … [Read more...] about Answers To Your Living Trust Questions (3 of 3)
What is the difference between a “Conservator” and a “Guardian”?
In California, a “conservator of the person” is the individual who makes general welfare, health care, educational, and life-style decisions for an incapacitated adult. An adult may become incapacitated due to dementia, disease, or disorder. In some other states, this person is called a guardian. However, as noted below, in California, a guardian is the person appointed in connection with a minor (under 18) child. Examples of decisions would be where someone lives and what medical … [Read more...] about What is the difference between a “Conservator” and a “Guardian”?
13 Disturbing Estate Planning Problems
Each of these 13 disturbing estate planning facts is true; but, each situation can be avoided with a strong, individualized, comprehensive, and up-to-date estate plan. If you don’t name a guardian in your will, your minor children could end up with persons you either don't like or don't know. If you don’t provide for your pet in your estate plan, your pet may be euthanized when you die. If you put assets in joint tenancy with a second spouse, your children may be disinherited. If … [Read more...] about 13 Disturbing Estate Planning Problems
