A: Yes! Your Trust is important, but it may not cover every situation in which someone may need to act on your behalf during your lifetime. A Durable Power of Attorney allows someone you trust to handle financial matters involving assets held outside your Trust on...
A: Yes! Ideally you’d do this every 7-10 years at the most. Even if your wishes stay the same, older documents can be seen as “stale.” Banks, hospitals, and other institutions may worry that a newer version exists—one they haven’t seen—and could hesitate or refuse to...
A: They are someone who steps in to administer your trust either because you’ve become incapacitated or you’ve passed away. In short, this person will manage and distribute your assets according to your wishes, so it’s important to choose someone responsible,...
A: Absolutely! Your estate plan can include provisions for your pets, such as who should care for them and how their expenses should be covered. You can designate funds for the person who will be caring for your pets or even include a pet trust in your plan to provide...
A: It is a unique tax planning opportunity for married couples! When one spouse passes away, both halves of a community property asset — including real estate — receive a step-up in basis to the fair market value as of the date of death. Keep in mind, however, that...
A: Not at all. While many people think estate planning is only about deciding who inherits their assets, it's also about protecting you during your lifetime. A comprehensive estate plan can name someone to manage your finances if you become incapacitated, appoint...
A: Whichever is best for you! There may be valid reasons to pick multiple people to act as the trustee, just as there may be valid reasons to only have one person acting at a time. An experienced estate planning attorney can usually advise as to what would make the...
A: Possibly! An estate plan created 20 years ago may not reflect changes in your family, assets, goals, or current laws. It's a good idea to review your trust every few years and after major life events such as births, deaths, marriages, divorces, or significant...
A: No, a will is part of an estate plan, which is an overarching strategy. Your estate plan should clearly outline everything regarding your assets, dependents, and end-of-life wishes. A comprehensive estate plan should include the following documents: Advanced...
A: If you have kids, this is where estate planning really matters. Here are just a few ways you can ensure your children are taken care of through your estate plan: 🟡 Name a guardian you trust 🟡 Review and update your beneficiaries on your accounts regularly 🟡 Name an...
