Incentive trusts are a trust with conditions. You can use them to incentivize a potential beneficiary to act in a certain way. You can set out particular rules when you create the trust. Then, once you die, it falls to the person managing the trust to check if the...
Year: 2022
2 considerations when choosing a power of attorney
Thinking about what should happen to your estate after you pass away can feel morbid and is a task no one wants to undertake. A better way of thinking is that good estate planning is all about being prepared for the future – especially when it comes to choosing a...
How do you ask your parents about their estate plan?
Many adult children feel a bit uncomfortable asking their parents about their estate plans. For one thing, it deals with money, and some people are just never comfortable talking about financial issues. For another, these adult children may feel like asking questions...
Is there anything you shouldn’t address in your will?
Your will allows you to distribute your assets in whatever way you choose. You get to decide how to split your property between your loved ones and can even choose not to include some family members. Even with the power a well-drafted will provides, there are better...
What should you look for in a guardian?
If you’re a young parent or if you have a child with special needs, part of your estate plan likely includes setting up guardianship. It may never be used, but you want to know that there’s a guardian in place if they’re needed. This person can take care of your child...
At 18, at least consider future medical decisions
When you turn 18, you are legally allowed to make an estate plan. You’re an adult in the eyes of the law and you can begin putting that plan in place. However, if you ask most 18-year-olds if they have an estate plan, they’re going to tell you that they haven’t even...
3 common estate planning mistakes to avoid
Creating an estate plan is a responsible step to take as you age. However, to ensure that your estate plan remains legally binding and represents your wishes, you must ensure you aren’t making some of the most common mistakes. Knowing what the mistakes are is the...
Why should you set up a power of attorney designation?
Most adults know that they need to have an estate plan in place. What many don’t realize is that having powers of attorney designations is also important in estate planning. Most people need two of these designations – one for their health care and another for...
What happens during the probate process?
When you die with a will, it must be legally verified before execution. The entire process of administering your estate before passage to the beneficiaries is known as probate. A lot goes on during the probate process, and it can take time to finalize. Usually, the...
Estate planning when you have a loved one with special needs
If you have a loved one with special needs, you should tailor your estate plans to protect their interests. Leaving them their share of your estate through a will, or in the hands of their siblings may not be the best way to go about it. A lot could go wrong, such as...