When you pass away without a will, you are said to have died intestate. This means there is no documented plan for what will happen to your assets. In these cases each state has specific rules about who will receive your assets and how those will be divided. This is a leading reason why it's important to set aside a time to meet with an attorney to create a will. There's plenty of confusion between the concepts of Read More
Advantages of Using a Revocable Living Trust for Asset Transfer
There are many different advantages to using a revocable living trust as part of your estate planning. If an accident or an illness leaves you incapacitated but still alive, your successor trustee is able to handle your financial affairs without the need for appointing a conservator or a guardian by the court. Another major benefit to using a revocable living trust is that if the beneficiaries of your trust are Read More
What Qualities Should I Consider in Naming Someone as Trustee?
One of the most important distinctions between a revokable and an irrevocable trust, concerns who will be appointed as the successor or initial trustee. If you are putting together an irrevocable trust, naming yourself as a trustee would defeat the primary purpose of this estate planning strategy. Naming a successor trustee of a revokable trust or a primary trustee of an irrevocable trust, however, requires careful Read More
New Study Shows That Those With Higher Wealth Also Live Longer
A recent study published in the JAMA Health Forum found that out of 5,000 participants, those who had a much higher net worth at midlife had a much lower risk of dying in the 24 years that followed. The study also was particularly interesting in that it included siblings and twins and identified the same results. The purpose of the study was to evaluate midlife in the United States. Although it was determined that Read More
What Do You Actually Want to Do with Your Estate?
If you haven’t done your estate plan yet, you might assume you don’t need it or that the courts will handle the details of your smaller estate. But that default approach leaves out your personal goals. Most people put off the process of defining their estate plan which can prove especially problematic for their heirs in the future. An estate plan that doesn't appropriately reflect your intentions is no plan at all Read More
What Are the Most Common Mistakes an Executor Can Make?
If you have recently been named the executor of a loved one's estate, you have serious legal responsibilities to wrap up this person's affairs, distribute the assets of the estate and pay for any income and estate taxes in accordance with relevant laws. Far too often, executors who mean well, and even those who don't can make mistakes that could expose the entire estate to litigation or even higher taxes. Some of Read More
How To Start an Estate Planning Conversation with a Relative Who’s Uncomfortable with It
Estate planning can serve many purposes and can assist your loved one and your family members in big ways, but only when it's been completed. Estate planning can assist with the transfer of property to minimize your tax liability of assets in the event of your passing. It can be very difficult as an adult child to bring up this concept with your parents and one of the easiest ways to do this is to discuss the Read More
Should I Make My Power of Attorney Agent Joint Owner of My Bank Account?
One of the most common tasks handled by a power of attorney agent is the paying of bills and the writing of checks from a bank account. To do this, you'll need to have your agent's name added to your account, which is when you might mistakenly put this person on your account as a joint owner. Adding a name to an account and giving someone joint owner responsibilities with full authority to use the account as their Read More
How Do Assets in Multiple States Affect Your Estate Planning?
Geographic borders might seem like not that big of a deal when you can easily drive or fly from one state to another, but when it comes to the distribution of your assets after you pass away, geographic borders matter. If you have a loved one who owned property in more than one state, probate administration in each state might be required which is extremely important if you are appointed as the personal Read More
What’s Involved in Settling a New Hampshire Estate?
Estates are settled in very similar manners throughout all different states but there are specific details associated with New Hampshire, such as which forms need to be filled out and deadlines to be followed. If you are involved in a New Hampshire estate or have recently been informed that you will be appointed in such a role, it's important to educate yourself about these expectations so that you are clear about Read More
