When it comes to estate planning there are several types of tools you can use, depending on your circumstances. One such estate planning tool to protect your estates beneficiaries from future potential family law matters, or other creditor situations, it to leave their inheritance in a Trust Share. Purpose of Trust Shares A Trust Share can be created for each beneficiary of your estate after an individual’s death, or the second death of a joint couple. The Trust Share is a legal entity … [Read more...] about Protecting Trust Beneficiaries by Leaving Assets in a Trust Share for each Beneficiary
The idea of estate planning might be one of the scariest things you have to confront as an adult. After all, nobody wants to think about their death. Or incapacity. But estate planning does not have to make chills run down your spine. On the contrary! Estate planning is empowering for both you and your family and allows you to live confidently knowing that things will be taken care of in the event of your passing or incapacity. Remember, estate planning is not just for the ultra-rich. If you … [Read more...] about Estate Planning Isn’t Spooky! But not planning can be downright terrifying.
When you establish a revocable living trust, you are also generally the initial Trustee of the trust, administering the trust assets for your own benefit as a beneficiary of the trust. If you are married, your spouse can be a trustee with you. This way, if either of you become incapacitated or die, the other can continue to handle your financial affairs without interruption. What happens if you and your spouse are unable to serve as trustees due to incapacity or death? Generally, your revocable … [Read more...] about How to Choose a Successor Trustee
Privacy is a main concern for many clients when it comes to estate planning. One benefit of creating a Living Trust, as opposed to simply drafting a Will, is the opportunity to keep your assets and your plans as private as you want them to be. If keeping your estate plan private is something you worry about, you don’t have to. We can help you to create the perfect estate plan, and keep it from prying eyes. Wills become public record during probate What makes an estate plan public or private … [Read more...] about Keeping Your Estate Plan Private
Regardless of your income level, if you are planning for your future, you should not procrastinate. Many of us are more focused on maintaining financial stability than planning ahead. But, even if you are living from pay check to pay check, the benefits of a financial plan cannot be overlooked. Simply creating a budget will help you to determine how to decrease your expenses, so as to stabilize your finances. Financial planning for the average investor is possible. What is Financial … [Read more...] about Financial Planning for the Average Investor
An agent is someone who is designated to manage the affairs of someone else. In a power of attorney, their authority usually extends to the management of finances or health care decisions. The person who creates the power of attorney and designates the agent is known as the “principal.” Once an agent accepts the authority given to him or her under the power of attorney, a legally binding relationship is created between the agent and the principal. With that relationship and authority comes … [Read more...] about How does an agent use a power of attorney?
If you and your spouse have a living trust in Nevada and your spouse passes away, you may be at a loss as to what you need to do. The steps you need to take are not really complicated, but may be confusing. There are some initial tasks that need to be completed. Knowing what to expect can make the process much easier during a time that is no doubt stressful. Locate the Trust Document The first step would be to locate the living trust document and obtain a general understanding of its … [Read more...] about What Happens to a Living Trust in Nevada When One Spouse Dies?
Some individuals add their children or other relatives to the title on property they own in an attempt to avoid probate. Although this can avoid probate, it can also create more problems than it actually avoids. Types of Real Estate Ownership Joint ownership in real property simply means that more than one person shares the title to that property. The joint owners are referred to as either “joint tenants” or “tenants in common.” With joint ownership, both owners have the same right to the … [Read more...] about What If I Create a Joint Tenancy With My Child?
How and when a power of attorney becomes effective depends on the type of power attorney that has been executed. A power of attorney provides someone who has been designated as an “agent” or an "attorney-in-fact" the authority to act on your behalf, in compliance with the terms of the legal document. The power of attorney will identify the duties and responsibilities of the agent. The authority can become effective immediately, or only when a specific event occurs, such as your incapacity. … [Read more...] about When does a power of attorney become effective?
When you pass away, your estate must be administered, regardless of whether you have a will or not. The person or company who is responsible for managing the administration of your estate is called an “executor” (male), "executrix" (female), or in estates without wills “administrator” and "administratrix." Today, those terms are often merged for the single term, "personal representative." Since most people are familiar with the it, we will use the term "executor" in this article to incorporate … [Read more...] about What is an Executor?