If you have been appointed the trustee of a trust, it is a strong vote of confidence in your judgment and trustworthiness. It is also a major responsibility. A trust is a legal arrangement through which one person (or an institution, such as a bank or law firm), called a "trustee," holds legal title to property for another person, called a "beneficiary." The following is a brief overview of a trustee's duties: Fiduciary Responsibility. As a trustee, you stand in a "fiduciary" role with respect [...]

How can you make sure your funeral and burial wishes will be carried out after you die? It is important to let your family know your desires and to put them in writing. Just don’t do it in your Will. To help your loved ones follow your wishes after you are gone, you can write out detailed funeral preferences as well as the requested disposition of your remains. In addition to explaining where you want your funeral to be held, the document can include information about who should be [...]

Many people believe that joint accounts are a good way to avoid probate and transfer money to loved ones. But while joint accounts can be useful in certain circumstances, they can have dire consequences if not used properly. Once money is deposited in a joint account, it belongs to both account holders equally, regardless of who deposited the money. Account holders can withdraw, spend, or transfer money in the account without the consent of the other person on the account. Before putting anyone [...]

While the number of auto drivers and passengers in the United States killed in accidents has declined for the third year in a row, dangers to those outside of motor vehicles remains constant. Every day, pedestrians and bicyclists are injured and killed in accidents caused by distracted and negligent drivers. The Governors Highway Safety Association estimates that in 2018, 6,227 pedestrian fatalities occurred in the United States, representing the highest number in nearly thirty years, and a four [...]

Many people think that estate plans are for someone else, not them. They may rationalize that they are too young or don't have enough money to reap the tax benefits of a plan. But as the following list makes clear, estate planning is for everyone, regardless of age or net worth. 1. Loss of capacity. What if you become incompetent and unable to manage your own affairs? Without a plan the courts will select the person to manage your affairs. With a plan, you pick that person through a power of [...]