- Estate Planning320
- How To Start Estate Planning225
- Trust Administration18
Before taking a closer look at revocable and irrevocable trusts, it helps to know what a trust is. In simple terms, it’s a legal entity that allows you to transfer assets to the ownership of a trustee.
The ongoing pandemic has made everyone have to face some unpleasant realities, including the idea that one day we won’t be here anymore. Do you know how to make sure that your affairs are in order for your loved ones?
When it comes to estate planning, not having a plan is a plan. However, it is not a good one.
With all these anxieties and unknowns weighing on your mind, it might feel like there’s suddenly a pressing need to get your affairs in order―just in case.
If there’s a family member or a friend in your life who refuses to do their will and get their estate in order, here are some tips to finally get them to take action.
You may want to set up power of attorney, if you’d like someone else to make decisions on your behalf. Special power of attorney has a narrow scope. It grants someone the right to act for you in certain situations. It can be helpful in financial decision-making.
Has a loved one named you their financial power of attorney? Are you ready to take on all the responsibilities that entails? Hopefully, you won’t be called into action anytime soon, but with the coronavirus pandemic continuing, it’s something to think about.
To put it bluntly, what if you were in a serious accident or were suddenly rushed to the hospital with COVID-19 symptoms or another life-threatening illness, and you were unable to make health care decisions for yourself?
External events that cause reflection are good reminders to update estate planning documents.
When parents start the planning process for a child with special needs, they usually work under the perception that if they create a special needs trust (SNT), the child will be taken care of and the needs will be met.