Irrevocable trusts are an effective way of preserving wealth for subsequent generations – but what happens when the terms of a trust seem wildly outdated or no longer meet the needs of those it is supposed to benefit? That’s when it may be possible to “decant” the...
Month: May 2024
Should you be an organ donor?
When crafting your estate plan, you may eventually reach a point where you are asked, “Do you want to be an organ donor?” Donors are desperately needed to contribute, upon their death, any vital organs for transplants into the living. Organ donation can include your...
How to pick the right guardian for your children
One of the scariest things for any parent to contemplate is the idea that they and their co-parent could die and leave their child orphaned. While you may not ever really make your peace with the idea that it could happen, you can take steps to secure your child’s...
Why do parents leave different amounts to their children?
Some parents set their will to split their assets equally between their children. This is what most children would expect to happen. Yet some parents choose an unequal split, which can cause problems as the children who got less may question what the child who got...
Are there any risks to being an executor of someone’s estate?
When you were asked to be the executor of a loved one’s estate, you knew that was a great honor – and you appreciated their trust in you. However, you may not have realized that being the executor of an estate is a very heavy responsibility, and it comes with its own...
What does a financial power of attorney do?
There are several things that you have to think about when you’re creating your estate plan. While it’s easy to focus on the assets that you have to get to your loved ones, there are other aspects of estate planning that you need to think about. One of the important...