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Tag Archive: trust

The Four (or Five) Documents Everyone Needs In Their Estate Plan

Everyone has different estate planning needs; however, all estate plans should have the same, basic documents. A Will. The crux of any estate plan, a will distributes your assets to the persons you want to receive your property when you die. In addition, a will names an executor to manage your estate, and can appoint a legal guardian and trustee for children and grandchildren. A durable power of attorney (POA) authorizes someone to sign your name, and act on your behalf should you become physically or mentally incompetent to handle financial matters.  The person you designate in the POA can pay bills, file taxes and direct investments on your behalf. A Health Care Proxy authorizes someone to make medical decisions for you if you are unable to communicate them for yourself. Without a Health Care Proxy, doctors or hospitals will be required to provide medical treatments based upon their protocols, regardless

Estate Planning for the Blended Family

Preparing a will and estate plan for a blended family can be complicated, and strain family relations. These days, many families include children, stepchildren, former spouses and in-laws. The number of remarriages has been steadily rising over the past few decades. By some accounts, in 2013, 40 percent of marriages included at least one spouse who had previously been married, and in 20 percent of remarriages, both spouses had previously been married. Such situations require estate planning with clearly understood goals. The biggest issue in blended families is typically, “where will my money go when I die?” In many cases, remarried couples want to ensure that the surviving spouse will be appropriately cared for upon the death of their partner—with the children from their previous marriages becoming the ultimate beneficiaries of the assets their parents brought to the marriage.  The challenge comes from designing a plan that will keep all

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