One of the most common additions to a well-rounded and comprehensive estate plan is a trust. While there are a number of different types of trusts, one thing all trusts have in common is the need to appoint a Trustee to manage trust assets and administer the trust terms. If you have been appointed as the Trustee of a trust, and you have never served as a Trustee before, you likely have a number of questions relating to your duties and responsibilities. One of the most important of those … [Read more...] about Is a Trustee Personally Liable for Mistakes Made during Trust Administration?
Creating a comprehensive estate plan typically requires the use of a wide variety of estate planning tools, documents, and strategies. One of the more common additions to an estate plan is a trust. Although once used almost exclusively by wealthy families as a way to pass down the family fortune without paying taxes on the transfer of wealth, trusts are now frequently found in the average estate plan. If you decide to include a trust in your estate plan you will need to make a number of … [Read more...] about Can a Beverly Trusts Attorney Be the Trustee of My Trust?
For most people, the primary goal of having a comprehensive estate plan in place is to protect family and loved ones in the event of their own death or incapacity. If you have a beloved family pet, there is no reason why you cannot include your pet in your estate planning goals. After all, you likely consider your pet to be part of the family right? You probably included your pet in major decision such as what house to buy and where to go on the next family vacation. Why wouldn’t you want to … [Read more...] about Can a Beverly Estate Planning Attorney Help Me Protect My Pet in Case Something Happens to Me?
A comprehensive estate plan generally includes additional estate planning tools and strategies beyond a simple Last Will and Testament. Although the tools and strategies you choose to include in your estate plan will depend on your individual goals, needs, and objectives, a common addition to any well drafted estate plan is a trust agreement. Over the last several decades, trusts have evolved to the point where there is a specialized trust for almost any purpose – and if a specialized trust does … [Read more...] about Why You Should Appoint a Professional for Trust Administration
Estate planning requires you to make a number of important decisions along the way to creating a comprehensive estate plan. Ideally, you will work closely with an experienced New Hampshire estate planning attorney when making all of those decisions; however, you will also undoubtedly take some time to contemplate additions to your estate plan yourself. For example, you may have heard of a “family trust” and wondered if you should have one as part of your estate plan. Understanding the basics of … [Read more...] about Should I Create a Family Trust?
Despite understanding the importance of having a comprehensive estate plan in place, over half of all Americans have yet to create one. If you are among the minority and actually have an estate plan in place, you should be proud of the fact that you have taken such an important step. Creating your estate plan, however is only the first step required to ensure that you, your loved ones, and your assets are protected. The next step is to make sure you review your estate from time to time. Knowing … [Read more...] about When Should You Review Your Estate Plan?
The process of estate planning typically involves a wide range of goals that require a variety of tools and strategies to accomplish. For the average person it can be confusing just trying to figure out what components to include in their estate plan. For example, do you need to include disability planning in your estate plan? As with all other decisions you make during the creation of your estate plan, you should discuss you need for disability planning with your New Hampshire estate … [Read more...] about What Is Disability Planning?
When you sit down to create your comprehensive estate plan you will want to include estate planning goals above and beyond simply deciding who will receive your assets when you are gone. Protecting your assets while you are here, for example, is a common estate planning goal. You may have heard that trusts are often used as asset protection tools in an estate plan; however, you may not know whether irrevocable or revocable trusts can provide you with asset protection. Consulting with an … [Read more...] about Can Revocable Trusts Provide Asset Protection?
For most people, a Last Will and Testament serves as the cornerstone of their comprehensive estate plan. If you are just now creating your Will, you will need to make a number of important decisions during the creation process. While those decisions will predominantly focus on deciding who will receive your estate assets when you are gone, there is another decision you must make that is of equal importance, yet is frequently given very little thought. You will need to appoint someone as the … [Read more...] about Choosing the Executor of a Will
You have probably heard how important it is to have an estate plan in place; however, you may also have assumed that you don’t really need one yet. After all, estate planning is only for older people with large estates right? Wrong. The truth is that it is never too soon to start estate planning and you are never too young, or too poor, to have an estate plan in place. Estate planning isn’t only about deciding who will receive your estate assets when you are gone. Estate planning can, and … [Read more...] about When Should You Start Estate Planning?