Most people understand that a will is one of the most important types of estate planning documents. At a simple level, it can accomplish several goals within your estate planning, such as naming a guardian for any minor children and determining what happens to your property. However, it may depend on whether or not you also need a trust in connection with your will. If your estate is under a certain amount, you Read More
What Happens If A Trustee Just Doesn’t Communicate?
Whom you choose to serve in any significant role in your estate or trust administration is very important because this person must communicate clearly with your beneficiaries. When creating a trust and appointing a trustee, you expect that they will live up to their responsibilities and maintain regular communication with beneficiaries. Unfortunately, one of the biggest challenges many beneficiaries report is a Read More
Who Makes for a Good Trustee?
Once you have already done the necessary work with an estate planning lawyer to create a trust, the next important decision to consider is who you will trust to handle your legacy. This is known as appointing the trustee of your trust, and there are several different factors to consider when selecting this person. The first is their versatility to adapt to the changing tax, financial, legal and business climate Read More
How Does a Will Help Direct People?
Your will is essential for ensuring that your wishes are honored once you pass away. Without it, the state determines what happens to your property. Think of your will as an instruction document for directing key people. Most people are familiar with the basic concept of a will. It is used to name not just a guardian for your minor children, but also to name the important people who will serve as your executor or Read More
Hiring an Estate Planning Attorney After Losing a Spouse
Losing a spouse represents a major change in your life. You might need to work with your estate planning lawyer to update all your documents and ensure that your plan aligns with your needs after losing a spouse. If you have not previously worked with an estate planning attorney, it is strongly recommended that you identify one as soon as possible if your spouse has recently passed away. There are many different Read More
Do I Really Need a Last Will and Testament Lawyer in NH?
Do you have specific instructions you'd like to leave behind about what will happen to your belongings if something happens to you? Do you have minor children and want to name a person who will step in as their guardian if you pass away? All of these specific issues can be addressed using a New Hampshire last will and testament. When you consult with an experienced New Hampshire last will and testament attorney, you Read More
What Does Trust Administration Mean?
If you create a trust for the purposes of estate planning, it is equally important to valuate who you intend to appoint as trustee. The trustee is responsible for administering the trust after you pass away. One of the leading reasons for many people to choose to use a trust is because probate is time consuming, public and expensive. Living trusts are another tool to help you maintain privacy and avoid Read More
Chronic Health Conditions Could Affect Retirement Savings and Estate
A new study finds that later born generations of older adults in the United States are more likely to suffer from chronic health conditions when compared with previous generations. This has important implications for the possibility of long term care planning. Long term care planning refers to the strategies you have in place to protect you if and when you suffer from a disability or medical condition that requires Read More
What Is the Difference Between A Third Party And First Party Special Needs Trust?
Planning ahead for the future of a child with special needs requires advanced considerations. Outright gifts of money could accidentally bar your loved one from getting crucial government benefits through Medicaid and other programs. This means that sheltering assets in what is known as a special needs trust may be the only opportunity to provide financial support during your life and after you pass away. There are Read More
Preparing For the Third Phase of Your Financial Life
Most people go through three major phases with finances in their life. The first financial phase is build and grow when you're first starting your career and are focused on maximizing contributions to your 401(k). This can be a good time to accumulate as much as you can taking into account all the different financial concerns that can pop up in future retirement, like the cost of long-term care. The second financial Read More
