When drafting a will, a crucial decision involves selecting the individual who will act as the executor of your estate. This person is the representative tasked with executing the instructions you provide in your will. Moreover, this person may have certain discretionary powers that you grant them in deciding the distribution of your assets. However,…
In our latest newsletter, we delve into the intricacies of dynasty trusts. If you have a high net worth, this is one of the best ways to protect your family and transfer your estate. However, setting one up requires considerable financial and estate planning knowledge. What Is a Dynasty Trust? A dynasty trust provides long-term…
It can be difficult to meticulously catalog and address every possession in your will or trust. However, incorporating a thorough review process, seeking professional guidance, and including a residuary clause can help mitigate the likelihood of oversight. These strategies guarantee a more comprehensive and effective estate planning strategy. Let’s take a closer look at residuary…
Our February newsletter delves into the realm of practical wisdom, guiding you through the intricacies of safeguarding your loved ones with straightforward estate planning tips. We also unravel the mysteries surrounding third-party waivers as our expert attorneys shed light on this essential topic, offering clarity and understanding. Lastly, we offer insights into the art of…
Debt does not simply go away when the debtor passes, which is true of a mortgage. Therefore, the beneficiaries will inherit the property and the existing debt if a home still carries a loan. Various situations may arise, contingent upon the specific terms of the mortgage. For example, beneficiaries may take over the mortgage or…
Estate planning attorneys, probate attorneys, and trust administration attorneys each fulfill vital yet distinct functions within the legal procedures related to legacy planning, asset distribution, and wealth preservation. Estate planning attorneys focus on creating a plan to manage a person’s assets and affairs, while probate and trust administration attorneys settle an estate or trust after…
Families diligently plan their estates to organize and distribute money and property for the benefit of their loved ones. For most families, what they leave has been hard-earned by them throughout their lives. However, there are circumstances of stolen property within an estate. The discovery of such can lead to legal, financial, and emotional complexities….
There are various avenues to consider when crafting an estate plan. Some favor the flexibility offered by a revocable living trust, while others contend that a last will and testament (commonly referred to as a will) is more suitable. For those seeking a balanced approach, a combination of both, facilitated by a testamentary trust, is…