Homes are illiquid assets that produce no income and come with ongoing costs for upkeep. Those issues can cause some snags with your trust.
One of the biggest challenges that clients encounter during the process is deciding who to appoint as their trustees, powers of attorney, health care surrogates and executors.
When you set up your estate plan it is important to coordinate the legal planning documents that you or you and your attorney create with the document provided by your retirement account custodian and/or your life insurance carrier called a ‘Designation of Beneficiary.’
Second honeymoons are definitely romantic. A third is even more so, unless maybe if each was with a different person. Nothing wrong with that, but it is a game-changer. The will or agreement you wrote 20 years ago, which maybe you have misplaced or forgotten, may not reflect your current thinking — or soulmate.
If you want a legal plan that avoids probate court, there are two options: first, an enhanced life estate deed, and second a living trust. Each has its pros and cons.
What may have seemed like something to take care of ‘one day,’ has turned into a basic necessity that makes it essential and necessary for you to encourage your clients to act now.
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