Your Last Will and Testament allows you to make both general and specific gifts. For example, you can simply leave all your property, both real and personal, to one or more beneficiaries in your Will, or you can choose to include specific bequests such as leaving a family heirloom to a child. Often, the division of personal property becomes more complicated than the gifting of real property, bank accounts, and investment funds. When this is the case, people often choose to include a personal … [Read more...] about Should I Include a Personal Property Memorandum in My Estate Plan?
How to Handle the Irresponsible Beneficiary
As much as we all hate to admit it, there is usually one in every family – the irresponsible one. Whether it is a spouse, a child or a grandchild, you likely have someone close to you who just cannot handle money. If may be that he or she is simply young and inexperienced. Maybe he or she just doesn’t have a head for numbers. Sometimes it is because of a substance abuse or gambling addiction that he or she just can’t seem to get rid of. Regardless of the reason, if you are concerned about … [Read more...] about How to Handle the Irresponsible Beneficiary
Deciding Whom to Appoint as Guardian in Your Will
Deciding who will get which assets when you die is clearly an important aspect of creating your Last Will and Testament; however, deciding whom to appoint as guardian for your minor children is infinitely more important. Given the importance of this decision, you may wish to consider the following factors when making your decision: Relationship—does your child already have an established relationship with the intended guardian? While not always possible, it is usually best to choose someone … [Read more...] about Deciding Whom to Appoint as Guardian in Your Will
Charitable Trusts – A Remarkable Example
If you are someone who considers charitable giving to be an important part of your life, and by extension your estate plan, then you have likely considered creating a charitable trust. You may, however, wonder whether a single charitable trust can actually make a difference. Consider the following example of one that has made a difference now for over 200 years. The Sailors’ Snug Harbor trust was originally established over 200 years ago – in 1801 to be exact – by an old sailor named Captain … [Read more...] about Charitable Trusts – A Remarkable Example
Five Important Estate Planning Considerations for Blended Families
Blending two families often comes with its share of ups and downs. Spouses who are busy trying to handle the emotional and practical aspects of blending families often forget about some of the estate planning considerations that a blended family brings with it such as: Fiduciaries – the executor of your will, an agent in a power of attorney, or a trustee of a trust all wield considerable power within your estate plan. Once two families are blended you may wish to reconsider these roles and … [Read more...] about Five Important Estate Planning Considerations for Blended Families
Revocable Living Trust and Incapacity Planning
A revocable trust is a type of inter-vivos, or living, trust. An irrevocable trust is the other living trust option. If you are considering the use of a revocable trust as part of your estate plan, you should have a basic understanding of the benefits, and limitations, of a revocable trust. One way that a revocable living trust can be useful as part of an estate plan is as an incapacity planning tool. When you create a revocable trust, you must name a trustee, at least one beneficiary and … [Read more...] about Revocable Living Trust and Incapacity Planning
I Just Found Out I’m the Executor – Now What?
Despite the fact that the executor of a Last Will and Testament has an enormously important, complicated, and time consuming job to perform, people often name an executor in their Will without even discussing the appointment with the intended executor ahead of time. So if you have just found out that you were named as the executor of the Will of a family member or loved one who recently died, know that this happens more often than you may think. Although seeking the advice of an experienced … [Read more...] about I Just Found Out I’m the Executor – Now What?
Special Needs Trusts – Why You Should Take the Time to Set One Up Today
All parents worry about what will happen to their children in the event of their early death or incapacitation. Parents of special needs children, however, may have reason to worry even more than the average parent. This is because a special needs child will likely need care and protection for life, not just until he or she reaches adulthood. For this reason, if you are the parent of a special needs child you should take the time to create a special needs trust now. A special needs trust … [Read more...] about Special Needs Trusts – Why You Should Take the Time to Set One Up Today
Trusting a Family Member to Be Trustee – Is It a Wise choice?
More and more people are choosing to include a trust in their estate plan. Trusts offer numerous benefits such as probate avoidance, tax benefits, and continued control over trust assets; however, these benefits are only available if the trust is managed properly. That, in turn, depends in large part on your choice of trustee. While it may seem a natural choice to appoint a family member as your trustee, you should ask yourself if this is really a wise choice. Appointing a family member as … [Read more...] about Trusting a Family Member to Be Trustee – Is It a Wise choice?
What Happens When Estate Planning Documents Conflict?
For most people, an estate plan consists of numerous documents. A Last Will and Testament provides the cornerstone of any estate plan; however, other ancillary documents may also be part of the plan such as a trust, insurance policies and bank accounts. What happens if two or more of these documents conflict? Let’s assume that Bob has a wife named Mary and two children—John and Beth. Bob dies of a heart attack. Bob’s Will specifically states that all of his assets are to be split evenly between … [Read more...] about What Happens When Estate Planning Documents Conflict?
