The term trust fund kid can conjure up some undesirable images: entitlement; laziness; and pastel plaid shorts. Even though trust fund kids currently account for only around 1% of the population they aren’t just for the extra-wealthy anymore. More and more middle-class families are seeing the benefit of avoiding probate and planning for specific distribution of their assets at their death. Anyone whose assets include real estate, stocks, or bank accounts should consider a rev
If you are considering putting your estate plan together you may want a little background as to what role fiduciaries play. Different documents do different things and you may be asked about who you will name as your successor trustee, executor, or agent for health care. Each role has unique responsibilities so here I will provide a brief summary: Executor An executor is a person named in your Will to steer your assets through probate court and ultimately distribute those as
A Physician’s Order for Life-Sustaining Treatment (“POLST”) is a medical order that tells emergency health care professionals what to do in case of a medical crisis when you cannot speak for yourself. No agent (or surrogate) is named. The document is prepared by a medical professional and communicates orders for any person who is seriously ill or frail and near the end of life. It gives specific orders for specific circumstances and is designed for use by emergency personnel.
Many people feel confused about what they need to get their estate in order. Here are the essentials of a basic estate plan: 1. Will. Your Will is a legal document in which you give certain instructions to be carried out after your death. The role of an executor is to identify and gather all assets, identify all debts and potential claims against the estate, safeguard and protect assets including any real estate investments, and carry out the provisions of the Will for dis
People work their entire lives to create a nest egg and hopefully leave a lasting, positive legacy for their children and grandchildren. There are all sorts of tools to make sure these things happen. People invest in retirement plans, create Wills and Trusts and even make plans to direct their healthcare should they become incapacitated. But this article is not about creating or implementing those strategies. Here I want to talk about something that many people either forget