Although your estate plan primarily focuses on what will happen if you become incapacitated (unable to make or communicate your wishes) or die, the death of a loved one can have a major impact on your planning.
it is important to understand that real estate can be owned in several ways, each of which has important legal consequences when it comes to leaving that real estate to your loved ones upon your death.
If a loved one has recently died or become mentally incapacitated, finding the person’s estate planning documents is essential.
Many individuals fail to realize that joint tenancy survivorship provisions will nearly always override the provisions of a will or a trust agreement.
Even the most capable, well-intentioned successor trustees can make mistakes when managing affairs. Here are five surprisingly common mistakes along with steps to take to prevent them from happening.
When you create a living trust, you must name a successor trustee to take over for you if you are unable to act due to incapacity or death. It is crucial that this decision be given careful consideration and that the right person be selected for the job.
You have already taken the first step by including a revocable living trust in your estate plan. Because we never know what the future holds, now is the best time to start having discussions with your successor trustee about your wishes and intentions.
As with traditional estate plans, “micro” estate planning can help you plan ahead for the “what if” situations that may arise during your lifetime.
While wedding planning most often includes tuxedos, dresses, rehearsal dinners, and guest lists, an often overlooked part of pending nuptials is estate planning.
Timeshares have come a long way since they first arrived in the real estate market back in the ’70s. In the early days of timeshare ownership, high-pressure sales tactics, exceedingly vague contracts, and inflexible scheduling policies caused many people to quickly regret such purchases.