Minor’s Trusts

Trusts are used for a variety of planning purposes.  One such use is a trust commonly included in wills.  It is a minors trust.  A minors trust allows you to place any inheritance that would be received by someone under the age of 18 into a trust. The trust then functions in several ways.  First, it allows the minors caretaker to gain access to the funds for the health, education, maintenance and support of the Read More

Your Digital Estate Plan – Part 2

Last week I discussed the importance of having a digital estate plan. It is also important to know what the guidelines are for the services you use regularly. I have included a few such services below. This information is only a guideline and you should check the exact nature of the agreement with each of your service providers. Facebook Facebook offers to remove or “memorialize” an account upon proof of death. Read More

Your Digital Estate Plan – Part 1

Have you given any thought to what will happen to your digital assets?  This is an often overlook area in any estate plan.  We remember to take care of our houses, cars, bank accounts and insurance policies.  But what happens to your frequent flyer miles, facebook page, linked in profile, credit card reward points and the list goes on and on.  Furthermore, will those left behind know your passwords for these Read More

Planning for a Possible Future Incapacity

We all hope to live a long fulfilled life.  That picture usually includes living in the home of our choice and making all of our decisions.  However with modern medicine prolonging life spans, more and more people are finding themselves needing care at the end of their life. This care can be as simple as someone coming in to clean the house, help with household chores and fix a few meals.  The other extreme is the Read More

Frequently Asked Questions About Wills

Can I use a computer or online program to prepare a Will? You can but this should be done with extreme caution. If the will does not dispose of all of your property, have appropriate language for an independent administration, or include a self proving affidavit, you could actually increase the cost of probating your estate. Other problems could arise from using a software program as well. If I have a Will from Read More

Estate Planning Milestones for Parents

There’s no question that having kids changes your life. Naturally, your priorities and responsibilities shift, and this should also be reflected in your estate plan. Here are a few checkpoints throughout your child’s life when you should recalibrate your estate plan, ensuring that, no matter what, your child is provided for if something were to happen to you. Newborn In the midst of adjusting to parenthood and Read More

Wills are Critical for People in a Second Marriage

Betty and George had been happily married for 15 years when he became ill.  She stood by him as the illness progressed and eventually claimed his life.  They did not have any children together but George had a son and daughter from his first marriage.  Betty and her step children were friendly but not close. George died without a will.  He and Betty had lived a modest life and he felt there was not enough there to Read More

Trusts Can be an Important Planning Tool for Non-Traditional Families

The use of a revocable trust can be an important estate planning technique for non traditional families and same sex couples.  All estate planning should begin with the four key documents but non traditional families and same sex couples need to take that planning a step further. A revocable trust is established during a person’s lifetime and the trust document names a trustee and one or more successor trustees to Read More

Estate Planning for Business Owners

Business owners like all individuals should start with the basics. There are four documents that form the cornerstone of all estate planning. They are a will, durable power of attorney, medical power of attorney and directive to physician (living will). Non-traditional families and same sex couples should consider some additional documents to provide similar coverage available to married couples under the Read More