Clients often naturally choose their children to be beneficiaries of their revocable living trusts. Many clients also wish to name one or more of their children as the trustee of that trust, but are not sure if that is allowed by the law. The short answer is yes, a beneficiary can Continue reading
Blog
Successor Trustee Compensation
Asking someone to serve as your fiduciary (trustee of your trust or personal representative or executor under your last will and testament) is not something that you should take lightly. Serving as a fiduciary is a heavy responsibility that requires significant time and effort. If Continue reading
Summer Vacation Plans? Precautions and Preparations to Consider
After months of near confinement in our homes, many of us are stir-crazy and eager to travel to a vacation destination. Although more states are opening up, there are several precautions to consider and preparations to make as you plan your summer travels.
Heed the Centers for Disease Continue reading
How to Protect Your Great Ideas or Works for Your Family
Your money, home, and vehicles are not the only things you should include in your estate plan. Your intellectual property and any income it generates should also be addressed. You do not have to be a famous author, painter, or inventor to have valuable intellectual property that could Continue reading
Sandwich Generation Month: Considerations When Caring for Both Children and Parents
July is National Sandwich Generation Month, a time to honor those who are caring for both their children and their aging parents. This topic is particularly germane at present, as many parents are not only parenting their children but have also spent the last few months homeschooling Continue reading
We All Need a Yearly Checkup: Your Estate Plan Does Too
One of the main reasons for getting an annual physical is to detect and treat problems before an illness or health condition becomes serious. Likewise, it is important for your estate plan to get a regular check up to address changes in your life circumstances or in the law to ensure Continue reading
Seven Ways to Avoid Family Fights over Your Property
Ask a group of friends if they have experienced a family fight over property after a loved one has died, and you will be in for a lively and eye-opening conversation. Far too many families end up fighting, or at least experiencing tension, over a family inheritance. But it does not Continue reading
To Have, but Not to Hold? Common Law Marriage and Estate Planning
Marriage as a legal institution has taken a variety of forms throughout history. As society evolves, how we identify marriage in our society also changes. In some states, a couple may be deemed married without having participated in judicial or religious ceremonies. These marriages Continue reading
Types of Life Insurance and How They Can Be Used in Estate Planning
Many of us do not start thinking about life insurance until we get our first full-time job and the company’s human resources representative asks us if we want to enroll in the employer’s group life insurance policy. Most people think “Why not?” and sign up, naming a family member Continue reading
Living, Testamentary, and Constructive Trusts: Are They All the Same?
In the world of estate planning, terms that refer to legal documents such as wills, trusts, powers of attorney, and healthcare directives can be confusing and even overwhelming at times. What is a will, and how does it differ from a trust? What distinguishes a springing power of attorney Continue reading