Powers of attorney vary in the extent of powers granted. A special power of attorney may specify certain powers that would be granted to the agent.
Trusts allow a third party, or trustee, of your choosing, to hold assets on behalf of a beneficiary or beneficiaries. One of the great factors of a trust, is that trusts tend to avoid probate. Probate is the process after a person passes or becomes disabled; their assets are put on hold until the will is validated, any remaining debt is paid off, and the beneficiaries of the will are identified. Probate can be a long and stressful process for your loved ones.
A trust amendment is a legal document that revises specific provisions of a revocable living trust or an “inter vivos” trust. It is only intended for making changes to specific provisions, while leaving the rest of the document in its original form and other provisions unchanged.
Generally speaking, signing under seal makes the contract more formal. “The formality of a promise under seal is an efficient, trustworthy method of channeling a person’s deliberate intent to be legally obligated”
Traditionally, estate planners have split tenancies by the entirety in order to fund separate trusts for both spouses, with the aim of maximizing estate tax exemptions.
What happens if you do not have a will or your will is not valid? In these cases, the state declares the individual to have died “intestate,” and your property follows a chain of succession to determine the owner.
A prenuptial agreement (or a prenup) is an agreement signed before marriage that outlines what happens to each spouse’s financial assets in the event of divorce or death. This protects each spouse’s personal assets that they have inherited from family members, assets they have obtained before marriage, or income they have generated before marriage.
Are you on the right path to retirement? A retirement plan is not something to take lightly or put off to a later date.
A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets or income for the benefit of beneficiaries. Similar to a life insurance there are three parties to a trust. The settlor, the person or entity who creates the trust and usually transfer the property into the trust; the trustee, the person who holds and manages that property for the benefit of the beneficiary; and the beneficiary, the person who receives the benefit of such property.
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