Category Archives: Fiduciary(ies)
How to Plan for a ‘Fragile’ Beneficiary – Minors, Special Needs, and Those with Creditors
Frequently, estate plans will include an inheritance for a minor beneficiary. If you have minor children, you should spell out exactly what you want as far as who will care for your children and how your children’s financial needs will be met. Wealth Advisor’s recent article entitled “Handle with care: Tips on planning for… Read More »
Do You Know Your Job as Executor, Agent or Trustee?
It’s not uncommon for a named executor or trustee to have some anxiety when they discover that they were named in a family member’s estate planning documents. With the testator or grantor dead or incapacitated, the named individual is often desperate to learn what their responsibilities are. It may seem like they’re asked to… Read More »
What’s Involved in the Probate Process?
SWAAY’s recent article entitled “What is the Probate Process in Florida?” says that while every state has its own laws, the probate process can be fairly similar. Here are the basic steps in the probate process: The family consults with an experienced probate attorney. Those mentioned in the decedent’s will should meet with a… Read More »
What Do I Look for in a Trustee?
The trustee is tasked with caring for the assets in the trust for one or more beneficiaries. It is the trustee who handles all the necessary paperwork and sees that tax returns are filed. FedWeek’s recent article entitled “Your Options for Selecting a Trustee” explains that probate and trust law creates a fiduciary responsibility,… Read More »
What Needs to Happen after a Spouse Dies?
Making funeral arrangements, paying medical bills and closing down accounts are just the start of the tasks that a surviving spouse must take charge of, advises the recent article “Checklist for Handling the Death of a Spouse” from U.S. News & World Report. It can be overwhelming, especially with the intense emotions that come… Read More »
What Is a Fiduciary and a Fiduciary Duty?
First, a fiduciary duty is the requirement that certain professionals, like attorneys or financial advisors, work in the best financial interest of their clients. By law, members of some professions with clients are bound by fiduciary duty. Forbes’ recent article entitled “What Is Fiduciary Duty?” explains that in a fiduciary relationship, the person who… Read More »
Do I Need More Than a Will?
If you die without a will (i.e., intestate), a court will determine who inherits your assets and who would care for any surviving children as a guardian. CNBC’s recent article entitled “A will doesn’t cover all your bases when it comes to end-of-life decisions. Here’s what else you need” explains that some assets pass… Read More »
Estate Planning Different for Business Owners and Top-Level Executives
Do you need an estate plan? If you have children, ownership shares in a business, or even in more than one business, a desire to protect your family and business if you became disabled, or charitable giving goals, then you need an estate plan. The recent article “Estate planning for business owners and executives”… Read More »
How to Plan for Incapacity
Planning for incapacity is just as important as planning for death. One is certain, the other is extremely likely. Therefore, it makes sense to prepare in advance, advises the article “Planning ahead for incapacity helps you and family” from The Press-Enterprise. Let’s start by defining capacity. Each state has its own language but for… Read More »
What are Fiduciary Duties in Estate Planning?
One of the reasons people uses trusts in their estate planning, is that the person named as a trustee has a legal duty to put the trust’s interests first, rather than their own interests. This is called a “fiduciary duty, ” and it becomes very important when planning for the future of your assets… Read More »