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August 2016 Archives

Two factors in estate planning: power of attorney and living will

When you hear the word "will" in relation to estate planning, you probably think of a substantial document that contains numerous provisions detailing how you would like your property and assets to be divided upon your death. However, there is another type of will called the living will which is used to make clear your wishes for how you are cared for in case of medical emergency or incapacitation.

Many aspects to an estate plan, so consider the possibilities

There are many different aspects to any estate plan, and at the same time, every estate plan is going to be different. A common misconception about estate plans is that there is a "one size fits all" mentality where any individual can just use a sort of estate plan "template" to plan for their future and how to disperse their wealth and assets upon death.

What is probate and why does it have negative connotations?

No want wants to think about death, but it is an inevitable part of our lives (ironically enough). So when that last stage of our life arrives, it is important for the person to have all of his or her legal, financial and estate affairs in order. Once that individual passes away, their estate will enter what is known as probate.

What are the steps in the trust administration process?

If you've been named as a trustee, you have an important role to play in the administration process. It is your responsibility to carry out the administration of the trust, including gathering assets and distributing them to their intended beneficiaries.

What should you do about your estate when you get remarried?

Getting married is a wonderful time in anyone's life, and it should be a no-brainer that the spouses involved in the marriage need to update their estate plans to reflect their marriage. Marriage is one of many critical life events that should trigger a person's desire to update their estate plan. It is a vital step. Divorce is another example of these critical life events.

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