There are many factors to consider when selecting someone to serve as your trustee. This includes but is not limited to: age, maturity, responsibility, location, and of course, financial acumen. However, many people overlook that the relationship with that person matters as well. A trustee is staffed with the responsibility of managing and distributing assets in accordance with your wishes. In accomplishing these tasks, the trustee must interact with beneficiaries, advisors, and other … [Read more...]
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Powers of Attorney – May Not Be Enough
A power of attorney is a way to delegate your decision-making authority to someone else. People often ask, “My daughter has my power of attorney, is that all she needs?” While powers of attorney can be useful under some circumstances, people think they are of broader effectiveness than they are. First off, a power of attorney is only effective so long as the person granting the power, otherwise known as the “principal,” is alive. For example, if you appoint your daughter as agent under a … [Read more...]
Why Choose a Living Trust?
As you research your estate planning options, you’re sure to hear a lot about living trusts. In recent years, the living trust has become such a popular tool that it forms the cornerstone of many people’s estate plans. What are the benefits of a living trust and why would you opt for one as part of your estate plan? Protect and Provide for Beneficiaries The foundational goal for any estate plan is to provide for your loved ones in the event of your disability or death. A living trust … [Read more...]
Five Non-Tax Reasons You Need an Estate Plan
One of the biggest myths about estate planning is that it is something only wealthy people need because the only reason for having an estate plan is to minimize estate taxes. The truth is, estate taxes are only a tiny piece of the estate planning puzzle – and every adult needs an estate plan. Here are just a few non-tax reasons to plan: 1. Put the Appropriate People in Charge. An estate plan allows you to choose people who can be given authority to make financial and medical decisions … [Read more...]
What You Should Know About Workshops on Wills & Living Trusts
Have you ever been invited to an estate planning workshop to learn about wills and living trusts? You might have been hesitant to attend, fearing you’d be faced with a “hard sell” or asked to spend lots of money for services you don’t really need. Or you might have wondered why you should go to a seminar when you could just search for estate planning information online. Avoid Information Overload Estate planning is a complex topic, and it can involve abstract concepts that are only … [Read more...]
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