Creating a Will requires many important decisions. One of the most significant is naming a Personal Representative (PR) to manage and settle your estate after you pass. The responsibilities of a PR (sometime referred to as an Executor or Executrix) are significant, including making decisions about how your assets are managed and distributed to your...
In estate planning, it can be very confusing understanding the terminology that is used to describe the important fiduciary roles. Have you heard the term personal representative? How’s that different from a Trustee? And what is the difference between a Guardian and Conservator? Here is a quick review of the labels or terms you should...
When parents create their estate plan, one of the decisions that must be made is how to divide their estate among their children. For some, the answer is simple – every child gets an equal share; for others the situation is more complicated and leaving equal shares is not the desired choice. Sometimes the relationship...
It is undeniable that we are a digital economy. According to Pew Research Center, approximately 87% of our population uses the internet. This means that an overwhelming majority of Americans are relying on electronic networks for regular methods of communication, organization and life management. We use our on-line life for so many things: family photos...
Last week I had an opportunity to sit with a new client who said it had been several years since he had reviewed his estate plan. During that time he had lost his wife and one of his children had married and had a child. As part of our review process, we look at his...
Whenever we purchase a life insurance policy, open a mutual fund, or enroll in a company retirement plan, we are usually asked to designate a beneficiary. After naming these individuals, we never give it much thought again. Maybe you’ve named your spouse, one of your parents or your children. After your death, these assets are...
Although often associated with the rich and famous, a trust can be a useful planning tool for just about everyone. A well crafted trust may help you with things such as: managing your assets should you become disabled or incompetent; help to minimize estate taxes; provide for a child who struggles with managing their own...
Aretha Franklin reportedly did not have a Will or Trust at the time of death. Aretha Franklin’s final wishes may not get the respect they deserve. It was reported in the news that legendary singer, Aretha Franklin, did not have a will or trust at the time of her passing. According to the Detroit Free...
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