There are many ways for a person to structure their estate plan. Sometimes a Last Will and Testament is sufficient, other times, a Revocable Living Trust is required to ensure that assets are divided pursuant to a person’s intent. Regardless of which estate planning vehicle is used in your plan, there is the opportunity for a transfer-on-death deed (TOD deed) to be a part of your estate plan. Though the TOD deed is Read More
Estate Planning, Capacity Issues, & Your Parents
Estate planning is critical in terms of protecting assets and ensuring your wishes are carried out. Although you may be an adult that has a plan in place, do your parents? The older a person is before getting a plan in place, the greater the risk that they will not have the capacity to sign their own documents. Not having estate planning documents can negatively impact both themselves and the individuals who step up Read More
Incapacity Planning and the Revocable Living Trust
The revocable living trust, sometimes called a living trust, has many attractive qualities that make it a powerful estate planning tool. One of these attributes is the ability to offer you incapacity protection over the assets that are placed into your trust during your lifetime. Incapacity planning is planning that is done so that if you fall under an illness or other disability where you can no longer manage your Read More
Thinking Beyond “Will vs. Trust”
CNBC reported that 67% of Americans live without an estate plan. There is no singular explanation for why people avoid it, but several common themes exist. I don’t have enough assets. (You have more than you think.) Everything will go to my wife, so I don’t need one. (What happens when your wife passes away?) I am too young to think about it. (Everyone faces the possibility of incapacitation regardless Read More
Shift Your Perspective & View This As A Process
Select Law Partners, PLLC, houses attorneys skilled at estate planning and family law. Anyone who spends time understanding these practice areas will see how much overlap there is between them. When we work with clients with family law or estate planning issues, we notice a general expectation that things can be resolved quickly. Come in, sign the papers, and move on with your life. This mindset is understandable Read More
The value of information gathering: Hidden roadmap
Although this topic could apply to multiple practices, we are talking about it in the context of estate planning and family law. They are different sides of the same coin. Family law focuses on dividing your assets between you and your spouse, whereas estate planning is about preserving your assets for future heirs, protecting your assets, and planning for your incapacity. Regardless of your legal concerns, having Read More
A Common Mistake Regarding Powers Of Attorney
When someone is considering putting an estate plan in place, people sometimes focus only on death planning or only on documents to assist with the care or management of a loved one’s assets during their lifetime. It is important that both types of planning are included in your estate plan. Important documents for lifetime planning are well-drafted powers of attorney. This legal tool allows another person to make Read More
How Old Should Your Child Be To Inherit Assets?
There are several invaluable reasons to create a trust, especially if you have young children. After an estate planning attorney has established a trust, you can place your assets, money, and property inside it. By doing this, you are funding the trust. When you pass away, a trustee distributes these assets per your instructions. If you have a young child, you can choose when and how they inherit the contents of the Read More
Ending 3 Common Myths About Revocable Trusts
There are many myths about trusts including what they are for and who should use them. Most commonly, it is believed that trusts are only for wealthy individuals or families. This misconception results in too many people missing out on the many benefits of revocable trust planning including probate avoidance, privacy, and creditor protection for their beneficiaries. In addition to this myth, this post explores three Read More
An overlooked element of estate planning: Pet trusts
When people hear the term “pet trust,” they may think that it is not possible to create such a trust or that a pet trust is only for extremely wealthy people with very lucky pets. In reality, pet trusts do exist and they are an important tool for every pet owner for both incapacity and death planning. They exist because there is a need to address who will care for your pet if you cannot do so. A pet trust can Read More
