Downs Law Firm, P.C.
Creating a list of digital accounts and instructions on how to gain access to them is now akin to having a traditional will or a trust in estate planning.
At such an emotional time, more paperwork is probably the last thing you want on your to-do list. However, taking a few key steps is critical to your financial future.
Even those who have saved and invested well may not be sharing their financial information with a spouse or loved one. It’s time to do that now.
The Texas Department of Adult Protective Services (APS) recommended Tuesday morning that community members, aged 65 and older, keep their private information, like social security numbers, passwords, maiden names and bank account information, in a locked drawer or somewhere safe.
There are many stories of strange conditions in wills and trusts over time. For example, the German poet Heinrich ‘Henry’ Heine died in 1856 and left his estate to his wife, Matilda, on the condition that she remarry, so that ‘there will be at least one man to regret my death’.
A pot trust is a type of trust that lists children as beneficiaries, with the trustee using his or her discretion as to how trust assets should be spent. If you have minor children, you might consider setting up a pot trust to meet their financial needs, if something should happen to you. This type of trust allows you to create a single pool of assets to be used for the benefit of multiple children.
Whatever the reason, whether your life is a bed of roses or a getting-worse-nightmare, there are things you can do now to insure what you leave will go to who you want. And when. And in what portion or portions.
Usually when asked to be the executor of a family member’s estate, the person feels honored and trusted. It’s a big responsibility, since the executor will be carrying out a person’s final wishes.
Here’s how to boost your home’s sale price and attract buyers in the digital age.
The Wealth Advisor’s recent article entitled “Beware of These Common Estate Planning Scams” advises you to avoid these common estate planning scams. Cold Calls Offering to Prepare Estate Plans. Scammers call and email purporting to be long lost relatives who’ve had their wallets stolen and are stranded in a foreign country. Seniors fall prey to…
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