The perceived reason people do this is a misunderstanding that upon the subsequent incapacitation of the parent, this technique would give their son/daughter immediate access to the parent’s funds for bill paying purposes, etc. However, it is not recommended that parents do this since by adding their son/daughter as a co-owner or co-signer on their…
“Making lasting gifts for animals in our estate plans is perhaps the single most important thing we can do to ensure animals have the strongest possible voice for their protection.” –Bea Arthur
Your lifestyle and personal preferences will dictate whether an irrevocable trust or a revocable trust is best suited to your specific needs. An irrevocable trust can maintain your wishes after you die, but will cost you some flexibility. What is an Irrevocable Trust? True to its name, an irrevocable trust is plain and simple: Irrevocable.…
PART 5 – It is legal and in some situations may be desirable to name more than one person as your successor trustee.
For example, you might name two or more of your children if you think one of them might feel hurt and left out if not named. …
PART 4 – I may not be comfortable with my children or friends serving as the successor trustee. For a large estate, another possibility is to name an institution as the successor trustee. PROS: An arguable benefit of utilizing a financial institution is being able to depend on its longevity and likely existence into the…
PART 3 – Due to their age, maturity, propensity for not getting along with siblings, you may want to consider an alternative. Under these circumstances, we recommend naming a disinterested third party who has no skin in the game. This would be someone who has no close personal relationships with any one child and will…
PART 2 – What are the pros and cons?
So, you’re creating or changing a revocable living trust and you are thinking about naming one of your children as the Successor Trustee. To recap, your Successor Trustee is the person who will step in to handle your trust assets …
PART 1 – Why is the selection of a Successor Trustee so important and what role will they play with regard to my trust? …
Protect your Family and Assets. Perhaps you have heard the expression: “If you fail to plan then you plan to fail.” This statement was never truer than for estate planning. By some accounts, 70% of adult Americans have no will or trust in place for their loves ones. Furthermore, others who did prepare an estate…
We have assisted hundreds of clients with their estate planning matters. Read more about how we go the extra mile for you.
Over the years we have assisted hundreds of clients with a wide range of estate planning services. It may benefit you to consult with an estate planning legal professional if you experience any of these life altering events: