Posts Categorized: Trustee
5 Questions To Ask Before Hiring An Estate Planning Lawyer – Part 1
by Tara Cheever ~ Attorney at Law
February 18, 2021
Estate Planning, Trustee, Trusts, Wills
Since you’ll be discussing topics like death, incapacity, and other frightening life events, hiring an estate planning lawyer may feel intimidating or morbid. But it definitely doesn’t have to be that way.
Instead, it can be the most empowering decision you ever make for yourself and your loved ones. The key to transforming the experience of hiring a lawyer from one that you dread into one that empowers you is to educate yourself first. This is the person who is going to be there for your family when you can’t be, so you want to really understand who the lawyer is as a human, not just an attorney. Of course, you’ll also want to find out the kind of services your potential lawyer offers and how they run their business.
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Things You Need to Know as Successor Trustee
by Tara Cheever ~ Attorney at Law
January 30, 2021
Asset Protection, Estate Planning, Power of Attorney, Trustee
Accepting the role of successor trustee can seem a little intimidating when you look at the job description. However, you are not alone. Your advisor team (trust administration attorney, certified public accountant (CPA), financial advisor, and insurance agent) can guide you through the various steps of the administration process. If you are feeling overwhelmed, you may want to consider delegating trust administration tasks to another person with comparable, more advanced, or specialized skills such as an attorney, CPA, or financial advisor. Also note, services completed on behalf of the trust can be charged to the trust, not to you personally.
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Who Should I Choose to Be Successor Trustee?
by Tara Cheever ~ Attorney at Law
January 30, 2021
Estate Planning, Power of Attorney, Trust Administration & Probate, Trustee, Trusts
When you create a living trust, you must name a successor trustee to take over for you if you are unable to act due to incapacity or death. It is crucial that this decision be given careful consideration and that the right person be selected for the job.
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How to Choose a Trustee
by Tara Cheever ~ Attorney at Law
January 15, 2021
Estate Planning, Trustee, Trusts, Wills
When you establish a trust, you name someone to be the trustee. A trustee does what you do right now with your financial affairs – collect income, pay bills and taxes, save and invest for the future, buy and sell property, provide for your loved ones, keep accurate records, and generally keep things organized and in good order.
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The Recipe for a Satisfying Estate Plan
by Tara Cheever ~ Attorney at Law
December 28, 2020
Estate Planning, Guardians for Minor Children, Healthcare, Personal Representative, Power of Attorney, Trustee, Trusts, Wills
Misconceptions about who needs an estate plan abound. Most people believe that estate planning is only for extremely wealthy business moguls or celebrities. But that could not be further from the truth. Estate planning is the process of making decisions about what happens to you, your money, and your property when you pass away or can no longer make decisions for yourself. Thus, estate planning should be standard practice for every adult age eighteen or older.
To learn more about Cheever Law, APC and estate planning, please register for our FREE educational Life & Legacy Planning Webinar. We look forward to serving you!
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4 Tips for Talking About Estate Planning with Your Family Over the Holidays
by Tara Cheever ~ Attorney at Law
December 22, 2020
Estate Planning, Healthcare, Incapacity, Trustee, Wills
With COVID-19 still raging, your 2020 holiday season may not feature the big family get-togethers of years past, but you’ll still likely be visiting with loved ones in some fashion, whether via video chat or in smaller groups. And though the holidays are always a good time to bring up estate planning, given the ongoing pandemic, talking about these issues is particularly urgent this time around.
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Six Questions to Consider When Selecting Beneficiaries for a Life Insurance Policy
by Tara Cheever ~ Attorney at Law
April 12, 2019
Trust Administration & Probate, Trustee
Selecting a beneficiary for your life insurance policy sounds pretty straightforward. You’re just deciding who will receive the policy’s proceeds when you die, right? But as with most things in life, it’s a bit more complicated than that. It can help to keep in mind that naming someone as your life insurance beneficiary really has
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Three Keys to Protecting Yourself from a Rogue Executor/Trustee
by Tara Cheever ~ Attorney at Law
February 9, 2019
Estate Planning, Personal Representative, Trustee, Trusts
Unfortunately, sometimes a death in the family can bring out the worst in people. Indeed, family resentments sometimes simmer during a time of grieving – particularly when money and assets from the deceased’s estate are involved. If you are a beneficiary under a loved one’s estate plan, you may be under the assumption that those
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Big “Life Changes” Often Mean Big “Estate Plan Changes”
by Tara Cheever ~ Attorney at Law
September 8, 2018
Business Law, Estate Planning, Guardians for Minor Children, Healthcare, Trust Administration & Probate, Trustee, Trusts, Wills
Estate planning must be reviewed and updated regularly to ensure that your plan still accomplishes your goals and objectives and will work the way you want it to at incapacity and at death.
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How to Choose a Trustee
by Tara Cheever ~ Attorney at Law
September 1, 2018
Estate Planning, Trustee, Trusts
When you establish a Trust, you name someone to be the Trustee. Generally, you are the Initial Trustee for your Revocable Living Trust. A Successor Trustee steps in your shoes in the event of your incapacity and at your death. That person does what you do right now with your financial affairs – collect income, pay bills and taxes, save and invest for the future, buy and sell assets, provide for your loved ones, keep accurate records, and generally keep things organized and in good order.
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The Ins and Outs of Collecting Life Insurance Policy Proceeds
by Tara Cheever ~ Attorney at Law
August 4, 2018
Estate Planning, Personal Representative, Trustee, Trusts
Unlike many estate assets, if you’re looking to collect the proceeds of a life insurance policy, the process is fairly simple provided you’re named as the beneficiary. That said, following a loved one’s death, the whole world can feel like it’s falling apart, and it’s helpful to know exactly what steps need to be taken to access the insurance funds as quickly and easily as possible during this trying time.
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Before Agreeing to Serve as Trustee, Carefully Consider the Duties and Obligations Involved—Part 2
by Tara Cheever ~ Attorney at Law
July 27, 2018
Estate Planning, Personal Representative, Tax, Trustee, Trusts, Wills
Being asked to serve as trustee can be a huge honor—but it’s also a major responsibility. Indeed, the job entails a wide array of complex duties, and trustees are both ethically and legally required to effectively execute those functions or face significant liability.
To this end, you should thoroughly understand exactly what your role as trustee requires before agreeing to accept the position. Last week, I highlighted three of a trustee’s primary functions, and here I continue with that list, starting with one of the most labor-intensive of all duties—managing and accounting for a trust’s assets.
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Before Agreeing to Serve as Trustee, Carefully Consider the Duties and Obligations Involved—Part 1
by Tara Cheever ~ Attorney at Law
July 20, 2018
Estate Planning, Personal Representative, Trustee, Trusts
If a friend or family member has asked you to serve as trustee for their trust upon their death, you should feel honored—this means they consider you among the most honest, reliable, and responsible people they know.
However, being a trustee is not only a great honor, it’s also a major responsibility. The job can entail a wide array of complex duties, and you’re both ethically and legally required to effectively execute those functions or face significant liability. Given this, agreeing to serve as trustee is a decision that shouldn’t be made lightly, and you should thoroughly understand exactly what the role requires before giving your answer.
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Why Not Just Go on NoloⓇ and Create Your Own Estate Planning Documents Cheaply?
by Tara Cheever ~ Attorney at Law
May 2, 2018
Estate Planning, Guardians for Minor Children, Healthcare, Personal Representative, Power of Attorney, Tax, Trust Administration & Probate, Trustee, Trusts, Wills
In almost all scenarios, do-it-yourself estate planning is risky and can become a costly substitute for comprehensive in-person planning with a professional legal advisor. Typically, these online programs and services have significant limitations when it comes to gathering information needed to properly craft an estate plan. This can result in crucial defects that, sadly, won’t become apparent until the situation becomes a legal and financial nightmare for your loved ones.
Creating your own estate plan without professional advice can also have unintended consequences. Bad or thoughtless documents can be invalid and/or useless when they are needed.
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Estate Planning When Not All of Your Kids are in the Family Business
by Tara Cheever ~ Attorney at Law
April 25, 2018
Asset Protection, Business Law, Estate Planning, Trustee, Trusts
Owning your own business can be a great endeavor that takes a lot of passion and drive. Many small business owners focus on the day-to-day management and growth of the business, rather than thinking about a time when he or she may not be in the business. This is a far too common mistake. Future plans for your enterprise are even more important when one child works in the business but the others do not. Keeping the peace among your children after you are no longer able to participate in the business requires careful balancing of your estate plan.
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