7 Documents That Are Critical to Planning Your Estate
1 – Durable Power of Attorney A Durable Power of Attorney let you pick somebody you know and trust to manage your financial and legal matters if you can’t. This may be the most important document you can create. Without it, your family may be forced into court in a proceeding for a “guardianship.” This […]
What is the Difference Between Trustee and Guardian in Arkansas?
The difference between trustee and guardian is immense. It is like comparing apples and zebras. Guardian A guardian, in this context, is a person appointed by a court and Judge in a guardianship proceeding to make another person’s (the ward) legal, financial, and healthcare decisions. The guardian is then responsible for managing the ward’s financial, […]
Estate Planning Client Profile #142 – Married Couple With Minor Children
They are a couple with minor children. They want to provide for their children and make sure they provide their nominations for guardians if something should happen to them while their children are still minors. We created a trust based plan that included the following: The Trust enables their property to avoid probate and to […]
What is Estate Planning?
Estate Planning Definition What is Estate Planning? The part that people get right about it is that estate planning is about distributing your property, your final estate, to others. That definition misses many important things a plan also does. Estate planning also includes Estate planning is as much about protecting you and your family during […]
Estate Planning Mistake #7 – Thinking that Probate is a Necessary Thing
Estate Planning for Minor Children
Estate planning for minor children is one of, if not, the most important reason to plan now. Without a plan, the government makes the decisions for you and your children. If you want to control your children’s inheritance, you need to do so now. If you want to choose who will raise your children, you […]
It Takes More Than a Will to Prevent Probate!
It takes more than just a Last Will and Testament to prevent Probate. Many people I talk to think that having a Will prevents probate. A Will requires probate to be validated and administered… You can do some other things on top of your Will to prevent most if not all probate…
Can’t my spouse make my medical decisions?
It is a common misunderstanding that your spouse automatically has the power to make your medical decisions. If you don’t have a healthcare power of attorney in place, your spouse may have to go to court to get permission to make healthcare decisions. You can stop that from happening by setting up a Healthcare Power […]
True Story
As I was sitting and thinking about what to write this month, a client told me the story of their husband. A year ago, he pulled through cancer and was in remission. Then, without warning, something that could happen to anybody happened to him. He developed an abscess inside his brain. Within a week, he […]
Estate Planning Academy Episode 11: Trusts (Video)
Trusts Terms and Definitions Trusts have evolved over time and have their own language. Here are some of the more common terms you need to know. Trusts Definition My definition reads like this: “A Trust is a contract between the grantor and trustee where the grantor transfers title of assets to the trustee and the […]