Category Archives for Estate Planning

Estate plans that include trusts must name at least one successor trustee to serve in the event of the trustmaker’s incapacity and after their death. Since these trusts are designed to span multiple decades, it is crucial to choose the right succession of trustees.

"I need an estate plan, can you just draft a 'Simple Will' for me?"

I've heard this request more times than I'd like to admit and it makes me cringe. It's not because I can't fulfill the request, but because the request is just wrong. Let me explain.

Having a Will is a good, making it simple is good, and knowing you need an estate plan is good. However, having a Simple Will does not mean you have an estate plan. A Will is just one of many tools used to build an estate plan. On its own, a Will is just a Will; and it only works after you pass away.

Many estate plans contain irrevocable trusts designed to continue for the benefit of a spouse’s lifetime and future generations. It is important that these trusts include a trust protector; with the power to change trust provisions as circumstances, beneficiaries, and governing laws change.

Many trusts that will continue for the benefit of a spouse’s lifetime and for the benefit of several generations. By design, these trusts may span multiple decades. It is important for the trust creator to consider including powers of appointment; allowing the addition or removal of beneficiaries at each generation.

Today many estate plans contain irrevocable dynasty trusts that continue for the benefit of a spouse’s lifetime and then for the benefit of future generations. Your trust must clearly define the beneficiaries at each generation.

Who Are Your Descendants?

The old definition of "descendant" was: a person traced back to a specific ancestor through bloodlines. Modern families encompasses more than just blood heirs: