Category Archives: Joint Tenancy
Does a Trust Have to Be Funded to Be Valid?
Thinking you have divided assets equally between children by creating a trust that names all as equal heirs, while placing only one child’s name on other assets is not an equally divided estate plan. Instead, as described in the article “Estate Planning: Fund the trust” from nwi.com, this arrangement is likely to lead to… Read More »
How Do Joint Accounts and Beneficiary Designations Work in Estate Planning?
Most people think a will is the most important tool in the estate planning toolbox, but in many instances, it is not even used. Assets in the will go through probate, and wills control assets in your name only. If you don’t have a will, your state laws will provide one under its law… Read More »
Can I Revoke a Power of Attorney?
Cindy’s stepsister, Charlotte, suggests that she be given power of attorney to help Cindy with her business matters, should Cindy not be able to manage her financial affairs. When Cindy agrees, Charlotte’s attorney creates a Statutory Durable Power of Attorney that names Charlotte as her agent. What happened next, according to the Glen Rose… Read More »
What Does Tenancy by the Entirety Mean in Estate Planning?
Choosing an ownership structure for real estate is is an important decision. As a result, it is crucial to understand the options. Motley Fool’s recent article entitled “What is Tenancy by the Entirety?” explains that the only owners of the property must be both spouses of a legally married couple. The couple must be… Read More »
Can I Add Real Estate Investments in My Will?
Motley Fool’s recent article entitled “How to Include Real Estate Investments in Your Will” details some options that might make sense for you and your intended beneficiaries. A living trust. A revocable living trust allows you to transfer any deeds into the trust’s name. While you’re still living, you’d be the trustee and be… Read More »
Estate Planning for Unmarried Couples
For some couples, getting married just doesn’t feel necessary. However, they don’t enjoy the automatic legal rights and protections that legally wed spouses do, especially when it comes to death. There are many spousal rights that come with a marriage certificate, reports CNBC in the article “Here’s what happens to your partner if you’re… Read More »
What Do I Need in My Estate Plan in Addition to a Will?
American Legion’s recent article, “Planning beyond the will” says that it’s important that your estate planning papers are synced with your wishes and the current law, but you should also look at some items outside of the fundamental documents: Beneficiary designations. This includes life insurance policies, IRAs, current and former employer retirement plans and… Read More »
Have Your Will Done? That’s Not An Estate Plan
A last will and testament is an important part of an estate plan, and every adult should have one. However, there is only so much that a will can do, according to the article “Estate planning involves more than a will” from The News-Enterprise. First, let’s look at what a will does. During your… Read More »
How Joint Tenancy Creates Problem for Seniors
Parents putting children or other family members as joint owners of their assets. is another example of a simple solution for a complex problem. It doesn’t work, even though it seems as if it should. As explained in the article “Beware the joint tenancy trap” from Monterey Herald, putting another person on an account,… Read More »
How Do I Deed My Home into a Trust?
Say that a husband used his inheritance to purchase the family home outright. The wife signed a quitclaim deed to him to put the property into his living trust with the condition that if he died before his wife, she could live in the home until her death. However, a common issue is that… Read More »