If you are named as a successor trustee, you have many responsibilities. This individual must handle the trust of someone after they pass away. One of the actions you may need to take in this role is selling the grantor’s home. Remember, selling real estate is...
Designating someone to have power of attorney (POA) over your health care is an important aspect of estate planning – even though it involves a time when you’re still alive, although unable to speak for yourself. This can happen at any age – often due to an injury or...
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...
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...
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...
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...
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...
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...
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...
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...