Getting married is the start of a new chapter of life that you’re writing together. That often comes with financial independence, buying a home, and starting a family. Estate planning can help you start your new life together with confidence, knowing that your family’s future is protected.
A trust-based estate plan is essential for everyone to best protect their families’ futures. A comprehensive plan includes a variety of estate planning documents that work together to manage your affairs during your lifetime and distribute your assets after your death.
Eighteen of our attorneys shared their top estate planning tips. The most common advice was to plan early, use trusts to avoid probate, and regularly update your plan after major life changes.
Major life events—such as welcoming a new child, losing a loved one, or relocating—are key moments to revisit your estate plan. In general without a major life event taking place, it’s a good idea to revisit your estate plan every 3-5 years. Whether you’re experiencing the birth of a child, the arrival of a new grandchild, a death in your family, or an estrangement from a family member, keeping your will and other documents up to date can help you stay prepared for the unexpected.
Whether you’re young or old, married or single, the best time to start estate planning is now. Every adult should create an estate plan to ensure they protect themselves and their loved ones, regardless of their age or the size of their assets.
Ask an attorney what the advantages of a trust are and he or she will inevitably include in that list “privacy”. But how can a trust provide privacy? There are two major ways that a trust provides additional privacy.
The terms “Personal Representative” and “Executor” mean the same thing. This is an individual or corporate entity that you appoint to be in charge of going to court, opening a probate (a mini lawsuit), and submitting your Will to a judge after you pass away.
A common misconception about estate planning is only “wealthy” people need it. In reality, there are countless benefits associated with having a comprehensive estate plan no matter your tax bracket. In most situations, it is far less costly to have an estate plan than to attempt to go through the probate process to administer and distribute your estate. So, how can you benefit?
When it comes to estate planning, ensuring that your wishes are honored and your assets are managed appropriately can be a complex and daunting task. One way to add a layer of protection and oversight to your trust is by appointing a trust advisor.
A Successor Trustee is the individual or entity responsible for managing a trust when the original trustee is unable or unwilling to continue doing so themselves. (Note: the original trustee is typically the person who created the trust, known as the Grantor or Settlor.)
