One of the biggest challenges that clients encounter during the process is deciding who to appoint as their trustees, powers of attorney, health care surrogates and executors.
Doing some ‘upstream’ planning now will take the guesswork out of what’s coming your way.
The important thing to acknowledge is that the emotions behind the reasons are not trivial, but are important and should not be dismissed or minimized.
Estate planning is one of the most important steps you can take for yourself and your loved ones.
Before approaching the subject of the will, you need to consider that the loved one may be guarded and resistant to talk about it.
When someone dies with money left in an Individual Retirement Account (IRA), the funds can get passed on to the person’s loved ones through an inherited IRA.
A qualified terminable interest property (QTIP) trust allows an individual, called the grantor, to leave assets for a surviving spouse and determine how the trust’s assets are split up after the surviving spouse dies.
Regardless of the preferred record-keeping mode, most people have some sort of digital footprint, making it important to know who would have access to your digital assets if you became incapacitated and how those assets would be distributed in the event you pass away.
There is no legal requirement that anyone give anyone else money or property when they pass. The law says that as long as you understand what you’re doing, you can give your assets to anyone you feel like giving them to, equal or not.
Traditional, very simple estate planning may not be sufficient to accomplish estate planning goals in many blended family situations.
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