A living trust, also known as an inter vivos trust, can be an extremely useful tool for some people seeking to plan their estates. Depending on your needs, it can both be an effective tool for managing your assets while you are alive, and become an effective means of asset distribution after you pass away. But what exactly is a living trust, and what can it do for you?
Tag: elder law
Five Things You Need to Know About a Power of Attorney
A power of attorney is an essential component of any estate plan, even if you are in perfect health. This is because a serious illness or injury can happen at any time, leaving you unable to handle your own personal affairs and placing your well-being in another’s hands. Here are five important things you should know about putting a power of attorney in your estate plan:
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When Does a Guardianship Become Necessary?
There are few things more stressful than your loved one reaching a point where they need a legal guardianship to help protect them. If that happens, you will need to act quickly to ensure they receive the legal and financial protections that a guardianship affords them. But when exactly does guardianship become necessary, and what should you do if you have reached that point?
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Five Important Reasons to Get a Power of Attorney
A power of attorney is an essential component of any estate plan, and ensuring you have one suited for your needs will protect your interests and can help avoid many potential legal issues. However, despite this, some people express doubts regarding the concept of a power of attorney. Here are five important reasons you should get a power of attorney:
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Five Things You Should Know About Challenging a Guardianship
Ideally, you should always be able to trust a guardian to look after their ward and always put their best interests first. Unfortunately, that is not always the case, and you may need to challenge a guardianship for the good of the ward’s well-being. Here are five things you should know if you are thinking about challenging a guardianship:
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Five Things Everyone Should Know About Advance Directives
When you hear the phrase “estate planning” the first thing that probably comes to mind is a Last Will and Testament. But estate planning is broader than that and includes other important documents such as a power of attorney and an advance directive, also known as a health care proxy. These are essential tools in any estate plan, because while a Will dictates what happens to your assets after you pass, a properly written power of attorney and advance directive ensures you are taken care of during life when you cannot care or make decisions for yourself. Without them, you could be facing substantial difficulties later in life that you might otherwise be able to avoid. Here are five things that everyone should know about powers of attorney and advance directives when making their estate plans:
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Five Common Estate Planning Misconceptions
Estate planning is an essential part of helping people to deal with troubles that are likely to arise later in their lives, as well as issues that may come up after they pass away. However, not everyone understands estate planning, and some people have a serious lack of understanding about what the process of planning your estate entails. Here are five of the most common misconceptions people have about estate planning:
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Five Unconventional Estate Planning Issues
For many people, estate planning begins and ends with their last will and testament, with perhaps some advance directives to avoid problems if they become incapacitated. However, there are some less well known estate planning issues that you should consider, especially if you own a variety of different types of assets. Here are five estate planning issues you may not have considered, but which may have an impact on you or your loved ones: Continue reading “Five Unconventional Estate Planning Issues”
New Jersey Implements New Background Screening for Guardians
The Administrative Office of the Courts for the State of New Jersey has issued a new directive that will introduce more stringent requirements for certain people seeking to become guardian of another person. These requirements will include a more thorough background check, which is meant to help determine if a guardian is suitable for the responsibility they would be given. Anyone who wants to apply for a guardianship in New Jersey should be aware of these new requirements, and be ready for the additional burdens they will impose. Continue reading “New Jersey Implements New Background Screening for Guardians”
When Might You Need a Guardianship or Conservatorship?
Most people know, at least in theory, that they should begin planning their estates sooner rather than later. They know the longer they put off writing their wills, establishing advance directives, and taking care of other aspects of estate planning, the more likely it is that they, and their loved ones, will suffer the consequences. Among those possible consequences is needing to go to court to establish a guardianship or conservatorship for an incapacitated family member. Continue reading “When Might You Need a Guardianship or Conservatorship?”
