Category Archives: Estate Planning
Demystifying Probate and the Executor’s Role
When creating a last will and testament (commonly known as a will), one of your most important considerations is who to choose to serve as the executor (also called a personal representative) of your estate. But what exactly is the executor’s role? As the name implies, the executor’s role is to execute the instructions… Read More »
Saying Goodbye Is Hard: How a Comprehensive Estate Plan Can Help
When people think about estate planning, they usually focus on who will receive their money and property when they pass away and how it will be received. However, estate planning can also address your end-of-life wishes—the considerations and expenses involved when it is time to say goodbye to your loved ones. The following are… Read More »
What Is a Residuary Clause and Why Is It Important?
When developing your estate plan, it is nearly impossible to address every account or property you own. There are sure to be some things you unintentionally overlook. However, by including a residuary clause, you can intentionally disburse any remaining items inadvertently left over during the estate or trust administration process to a named beneficiary… Read More »
What Happens to Real Estate With a Mortgage When I Die?
Your mortgage, like the rest of your debt, does not simply disappear when you die. If you leave your home that has an outstanding loan to a beneficiary in your will or trust, your beneficiary will inherit not only the property, but also the outstanding debt. They may have the right to keep the… Read More »
How Much Authority Does a Trustee Have Over the Stuff in My Trust?
A trustee is a person or entity responsible for managing and administering your trust according to your instructions and in accordance with state law. They are considered a fiduciary (meaning they are held to a higher standard of care and owe certain duties to the beneficiaries). As a fiduciary, a trustee must protect the… Read More »
I’m a Survivor . . . and Now I Have My Own Trust?
Many married couples share almost everything, including finances. This may be reflected in their estate plan by using one joint living trust instead of two separate trusts. Separate trusts can provide greater flexibility, but a joint trust can be structured so that when one spouse passes away, the trust is split into two subtrusts:… Read More »
Testamentary Trusts: The Best of Both Worlds?
You have several different options when it comes to creating the right estate plan. Some people believe that a revocable living trust is the best way to go, while others think that a last will and testament (commonly known as a will) is best under certain circumstances. Others may find that a combination of… Read More »
What Is the “Last Surviving Spouse Rule”?
Estate planning can be a significant part of successful financial management, especially for married couples. One key consideration is minimizing estate taxes, which can substantially affect the distribution of money and property to a married couple’s loved ones. Part of this is understanding the purpose of the Deceased Spousal Unused Exclusion Amount, commonly referred… Read More »
3 Examples of When an Irrevocable Trust Can—and Should—Be Modified
A frequently asked question that we receive is: “Can you change an irrevocable trust?“ You may be surprised to find out that YES, they can indeed be modified. If you did not know this, you are not alone. The name lends itself to that very misconception. However, the truth is that changes in laws,… Read More »
Can Artificial Intelligence Programs Write Basic Estate Planning Documents?
With the increased coverage of artificial intelligence (AI) and all of the applications it can have in our everyday lives, some people may wonder whether an AI estate planning program can create their documents for them. While AI may be able to generate basic estate planning documents, including wills and trusts, there is no… Read More »
