You are not too young to have a Last Will & Testament
Many millennials believe that because they have a young family and have not accumulated a significant Estate they do not need a Will. If you imagine the unthinkable and one parent dies, what becomes of his or herstuff
Trusts are a more often used Estate Planning strategy than conventional wisdom would predict
Trusts are more commonly used in the Estate Plan of a middle-class New Yorker than conventional wisdom would predict. For instance, a trust for the benefit of minor children is always a good idea when planning for their lives after the death of both parents. Parents and grandparents of a child with special needs will find the many advantages of a supplemental needs trust worth exploring. Elderly couples may find an irrevocable income only trust a useful tool in their Medicaid Planning.
The dictionary defines a “Guardian” as a person who is entrusted by law with the care of the person or property, or both, of a minor.
The dictionary defines a “Guardian” as a person who is entrusted by law with the care of the person or property, or both, of a minor. The Guardian is the person who will raise your child in the event both you and your spouse have passed away. During the process of selecting an individual to be nominated as Guardian of your minor child under your Will, you should give consideration to the relationship of the Guardian to your child, the Guardian’s physical location, the values you share with the Guardian and the Guardian’s own home situation.
You may establish a trust during your lifetime or in your Will. In either instance, you must name a Trustee.
You may establish a trust during your lifetime or in your Will. In either instance, you must name a Trustee. This is the person (it may be an entity or organization) who manages the property in the trust, distributes the principal and/or income to the beneficiaries and accounts to them for the Trustee’s actions. Since the job of a Trustee involves things financial, your choice of Trustee should reflect strong organizational and management skills.
An Executor is the person you name in your Will who is “in-charge” of your affairs after your death.
An Executor is the person you name in your Will who is “in-charge” of your affairs after your death. The authority of an agent under a Power of Attorney to act on your behalf ceases at your death, and he or she can no longer access your bank or brokerage accounts or speak with custodians of your private information. It is the named Executor who generally commences the Probate Process to seek the issuance of “Letters Testamentary.” It is these “Letters” (generally evidenced by “Certificates of Letters”) which grant to your Executor the authority to administer your affairs after your death. Not until “Letters” are issued by the Court is anyone authorized to act on your behalf after your death.