Posts Categorized: Wills

When developing your estate plan, it is nearly impossible to address every account or property you own. There are sure to be some things you unintentionally overlook. However, by including a residuary clause, you can intentionallydisburse any remaining items inadvertently left over during the estate or trust administration process to a named beneficiary or group of beneficiaries. 

During the estate planning process, you may decide that you want to leave certain items to specific individuals. But what happens in the following situations? READ MORE

Your mortgage, like the rest of your debt, does not simply disappear when you die. If you leave your home that has an outstanding loan to a beneficiary in your will or trust, your beneficiary will inherit not only the property but also the outstanding debt. They may have the right to take over the mortgage and keep the home, or they may choose to sell it and keep the proceeds. A few different scenarios can unfold, however, depending on the mortgage terms and the estate plan instructions. 

Ultimately, planning for the transfer of real estate upon your death can make the process much easier for your loved ones.  READ MORE

Managing your finances while dealing with the weight of student loan debt can be daunting. You have to decide whether to focus on repaying your loans or investing in your future through a workplace retirement plan. It’s a difficult choice, especially since prioritizing loan payments may mean forgoing the chance to increase your savings with employer retirement matches.

Good news! The SECURE 2.0 Act is here to help. Now, your student loan payments can count towards employer retirement matching contributions. It’s a win-win – you can address your debt and grow your savings at the same time. READ MORE

Creating or revising an estate plan can feel overwhelming, causing many people to procrastinate. But the longer you put it off, the more potential there is to be caught unprepared in an emergency. So how can you motivate yourself and your loved ones to begin the process? Here are some strategies to help you overcome some of the negative feelings associated with this process and meet the challenge head on.

While the benefits associated with updating or creating a new estate plan are a reward in and of themselves, we can all use an extra push. Sometimes the promise of a small indulgence as a reward can change your frame of mind when initiating the process. READ MORE

Love is the powerful force that connects us all, and there are various ways to show our love to those who matter most. While flowers, gifts, and notes come to mind, another meaningful way to express love is by planning for the future.

While estate planning may seem like a realm of financial jargon and legalities, it is, at its core, a tangible expression of your care for those closest to you. (And that’s why I refer to estate planning as Life & Legacy Planning.) READ MORE

You have several different options when it comes to creating the right estate plan. Some people believe that a revocable living trust is the best way to go, while others think that a last will and testament (commonly known as a will) is best under certain circumstances. Others may find that a combination of both – through the use of a testamentary trust – provides the right amount of control and protection for themselves and their loved ones.

A testamentary trust will own accounts and property owned by you in your sole name without beneficiary designations, upon your death and enables you to instruct how your money and property will be handled in advance. Unlike a revocable living trust, the testamentary trust is created at your death, and ownership of your accounts and property are transferred to the trust through the probate process.  READ MORE

If you’ve given any thought about estate planning, you probably associate it with preparing for death. But did you know that there are critical reasons (and significant benefits) for planning while you’re still well and alive? That’s why I refer to my services as Life & Legacy Planning. When done right, planning for your assets and your death is something that should start right now through honest, open conversations with your family.

It starts by talking with your parents, siblings, and children about what you want the future of your family to look like, how you’d like assets managed, and what type of care each family member would want in the event of a debilitating or terminal illness. READ MORE

Many married couples share almost everything, including finances. This may be reflected in their estate plan by using one joint living trust instead of two separate trusts. Separate trusts can provide greater flexibility, but a joint trust can be structured so that when one spouse passes away, the trust is split into two subtrusts: a survivor’s trust and a decedent’s trust. 

This arrangement provides the surviving spouse with the same versatility that separate trusts offer. The surviving spouse has full control over their survivor’s trust, but may have limited control over the deceased spouse’s accounts and property that make up the decedent’s trust.  READ MORE

Mark your calendars: January 28 is International LEGO day, which celebrates the date when the patent for the globally famous plastic brick system was filed. 

Since the 1940s, people have been creating their own worlds, brick by brick, with LEGOs. With an estate plan, you can help your loved ones build a great future. Make your estate plan as specific as you want by providing step-by-step instructions for how you want them to honor your legacy. Or give them the resources to bring their vision to life, no strings attached. READ MORE

Interested in supporting your grandchild’s future college education? The recent implementation of the FAFSA Simplification Act allows grandparents to enhance their contributions towards financing their grandchild’s education. This change became effective last month, offering increased opportunities for support.

Previously, any additions or withdrawals from a grandparent’s 529 college savings plan had to be reported on the FAFSA, potentially affecting the student’s eligibility for federal financial aid. Fortunately, the recent changes have ushered in a positive shift. READ MORE

Your family member went through a meticulous estate planning process to organize and distribute money and property for the benefit of their loved ones, including you. But you may suspect that some of the high-value items in their estate originated as stolen property. The possibility of discovering stolen items within an estate is often overlooked, but it can have legal, financial, and emotional complications. How does it happen?

A New York Times article published in 2023 reported that the New York Metropolitan Museum is carefully combing through its art collections after the government seized dozens of art pieces that were suspected of having been stolen or looted in the past. It is widely known that art collections have mysteriously disappeared over the centuries, especially during wartime, and that ownership should be researched to avoid purchasing an item that belongs to someone else. READ MORE

Trust protectors are commonly used in the United States. Essentially, a trust protector is someone who serves as an appointed authority over a trust that will be in effect for a long period of time. Trust protectors ensure that trustees maintain the integrity of the trust, make solid distribution and investment decisions, and adapt the trust to changes in law and circumstance.  

Whenever changes occur, as they are bound to do, the trust protector has the power to modify the trust to carry out the trustmaker’s intent. Significantly, the trust protector has the power to act without going to court – a key benefit that saves time and money and honors family privacy.  READ MORE