Posts Tagged Estate Planning

Choosing a Guardian for Minor Children

Choosing a Guardian for Minor Children

If something terrible happened to you and your spouse, what would become of your children? It’s not something anyone wants to think about, but think about it we must. By naming a guardian for your minor children, you can help ensure they will be raised according to your wishes. The question is, how do you choose the proper guardian? Here are several factors to consider. The ability and willingness of the guardian to serve. Will the prospective guardian be able to meet the physical and economic demands of raising a child? Even more important, is the prospective guardian willing to serve in the first place? The last thing you want to do is name a guardian before speaking at length with the person you have in mind. Values. Ideally, the prospective guardian will share your child-rearing philosophy, values, views on education, religious beliefs, and other fundamental principles. Geography. If the

Continue Reading...

Estate Planning Basics: An Introduction to Trusts, Continued

Estate Planning Basics: An Introduction to Trusts, Continued

Last time we discussed some of the terminology associated with trusts. Now let’s look at how revocable trusts differ from irrevocable trusts and the benefits of having a trust. Revocable versus irrevocable trusts A revocable trust is a trust that can be altered by the grantor during his or her lifetime. An irrevocable trust, on the other hand, is a trust that cannot be changed by the grantor (except under extraordinary circumstances). In the case of irrevocable trusts, the grantor typically foregoes total control of the property and must obey all trust rules and guidelines. Furthermore, a trust can be revocable during the grantor’s lifetime and then become irrevocable upon the grantor’s death. When most people use the word “trust” in the context of estate planning, a revocable living trust is the one they have in mind. A revocable living trust allows you to maintain complete control over your assets

Continue Reading...