Posts Categorized: Trustee

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! READ MORE

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. READ MORE

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 READ MORE

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 READ MORE

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. READ MORE

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. READ MORE

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. READ MORE

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. READ MORE

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. READ MORE

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. READ MORE

The Key Differences Between Wills and Trusts

by Tara Cheever ~ Attorney at Law April 20, 2018 Asset Protection, Estate Planning, Guardians for Minor Children, Healthcare, Personal Representative, Power of Attorney, Trust Administration & Probate, Trustee, Trusts, Wills

When discussing estate planning, a Will is what most people think of first. Indeed, Wills have been the most popular method for passing on assets to heirs for hundreds of years. But Wills aren’t your only option. And if you rely on a Will alone (without a Trust) to pass on what matters, you’re guaranteeing your family has to go to court when you die. In contrast, other estate planning vehicles, such as a Trust-based plan are now being used by those of all income levels and asset values to keep their loved ones out of the court process.

But determining whether a Will alone or a Trust-based plan (Trust and Pour-Over Will) is best for you depends entirely on your personal circumstances. And the fact that estate planning has changed so much makes choosing the right tool for the job even more complex.

The best way for you to determine the truly right solution for your family is to meet with me as your Personal Family Lawyer® for a Family Wealth Planning Session™. During that process, I’ll take you through an analysis of your personal assets, what’s most important to you, and what will happen for your loved ones when you become incapacitated or die. From there, you can make the right choice for the people you love. READ MORE

Roth IRA Conversions After Tax Reform…Still a good idea?

by Tara Cheever ~ Attorney at Law April 13, 2018 Estate Planning, Personal Representative, Retirement Planning, Tax, Trustee, Trusts

Twenty years ago, the Roth IRA first became available to investors as a financial tool for their estate planning needs. These accounts have maintained their popularity because unlike their traditional IRA counterpart, a Roth IRA provides account owners tax-free income during retirement. In fact, many people chose to convert their traditional IRA or 401(k) plan into a Roth IRA to benefit from this long-term tax advantage. (Of course, there is a current tax bill that has to be considered when you make a conversion.) The recently enacted tax reform, however, has removed one helpful opportunity: the ability to recharacterize — or undo — a Roth IRA conversion.

You can think of these recharacterizations as a second-look at whether the conversion made financial sense. Now, this second-look that a recharacterization offered is closed, so a Roth IRA conversion is just a little riskier than is used to be. READ MORE

Why Every Pet Parent Needs to Consider a Pet Trust Today

by Tara Cheever ~ Attorney at Law April 5, 2018 Estate Planning, Pets, Trustee, Trusts

Estate planning is about protecting what’s important to you. Although much of the traditional estate planning conversation focus on surviving spouses, children, grandchildren, many pet parents wonder about what could happen to their “furry children” after their death or if they become incapacitated and unable to care for the pets. Read on if you’ve ever thought, “What will happen to my cat, dog, or other pet if I pass away?” “What if I’m incapacitated and unable to care for them?”

Enter the pet trust. This tool is something that can be easily incorporated into a new or existing estate plan to provide a strategy for caring for your pets. Remember, estate planning is about protecting what’s important to you. So, even if you anticipate outliving your pets, it’s always better to be safe than sorry. READ MORE

Not Married? You’re not alone – but you still need a plan

by Tara Cheever ~ Attorney at Law April 2, 2018 Estate Planning, Healthcare, Personal Representative, Power of Attorney, Retirement Planning, Trustee, Trusts, Wills

While much of the discussion involving estate planning focuses on married couples, this topic is just as important for a single person. In fact, many times it is even more important that a single person have a well-coordinated estate plan. This is because the default laws governing estates often work poorly for people without a spouse and may not adequately provide for a significant other or unmarried partner. Having a cohesive and well-drafted estate plan will ensure that you have an incapacity plan in the event of the unexpected and protect and provide for those you truly care about upon your death. READ MORE