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
Estate plans are effective when they accurately reflect your wishes based on your most current life circumstances. Too often I hear about estate plans that were prepared before major life events have rendered them outdated which can create conflict for your loved ones. Children are born. Divorces happen. Beloved family members pass on. Any number of things can make a once-current estate plan no longer reflective of your true intent. Below are three considerations that may war
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.
We’ve all heard it is a smart idea to avoid probate, but why? Most people want to spare their family a prolonged, expensive process after their death and this is just what probate will get you. Generally, probate is the court-supervised process of authenticating a last will and testament and includes determining the value of the decedent's assets, paying final bills and taxes, then distributing the remainder of the estate to the rightful heirs or beneficiaries. The average Ca
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