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January 2017 Archives

What you need to know about living revocable trusts

A revocable trust, or living trust, can be a helpful tool for estate planning if you don't want to lock yourself into legal arrangements for life or if you're looking to protect some of your assets while you're still alive. Trusts can be tricky, though, so it helps if you know what you're dealing with before you get into the nitty gritty. Here are a few facts worth knowing if you might consider trusts in the future.

How a vacation home fits into your estate plan

After years, maybe decades, of saving and planning, you were finally able to afford a vacation home. Now your children bring their children to spend summers with you on the lake or at the shore. It seems like a dream come true to have your family taking pleasure in this special place. You take pride in knowing you have created this getaway for them, and you want to make sure this treasured asset remains in the family after you are gone.

As a trustee, you have fiduciary responsibilities

If someone names you as a trustee in one's estate planning, then you could later be called on to take on a large responsibility. Before you agree to such an assignment, make sure you understand what burdens you might carry and ensure that you are able to do so correctly. While you might feel obligated to say yes to a loved one, especially because you're flattered they would ask, saying yes to a trustee title and being unable to handle it can be bad for the beneficiaries.

Take care of yourself while you take care of estate business

When you agree to become an administrator for someone's estate, you take on a fairly large responsibility. Regardless of the size of the person's estate, being the administrator means stepping into a role of serious trust and taking action at a time when you might be dealing with grief or support loved ones who are dealing with loss. It's important to remember to take care of yourself while you take care of paperwork and other matters. Here are some self-care tips for handling stress during estate administration.

As your family grows, so should your estate planning savvy

We're not saying that you need to become an expert in legal estate planning matters simply because you had children. No one has time to get a self-proclaimed law education, especially someone who is tending to 2 a.m. feedings or chasing preschoolers around the block on a daily basis. That's actually why we're here -- our firm specializes in providing painless estate planning services to all types of families.

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