Thinking about what happens to your family when you pass away may be upsetting. However, it can be a good way to reduce the stress your loved ones will deal with during the grieving process.
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.
Nobody wants to think about how their loved ones will cope when they die. However, it’s important to plan effectively to ensure a smooth transition of your wealth and worldly possessions — even if you’re young or feel like you don’t have much to leave behind.
A trust is an estate planning tool you may consider using if you want to go beyond drafting a last will and testament.
Whether you are trying to protect your assets from possible creditors, prevent young heirs from spending their inheritance or minimize estate taxes, there is likely a trust for you.
What Is a Testamentary Trust?
A spendthrift trust allows you to leave funds to a beneficiary without giving them full control over those funds.
Being a trustee is difficult but adopting these four best practices employed by professional trustees will go a long way to ensure that you’ll effectively execute your duties and mitigate your liability.
Special needs trusts can help fund quality-of-life improvements for the beneficiary, such as a phone, a trip or a private room in a group care facility.
Your estate plan should certainly be revised, if you have gotten married or divorced.