Joint bank accounts are frequently used by spouses for a number of reasons but are typically created so each spouse can write checks from the shared account to take care of living expenses. Joint accounts are tools of convenience, allowing for example one spouse to rely on the other to take care of the bills. Most joint accounts between spouses are also set up so the surviving spouse “inherits” the bank account when the other spouse dies, which is usually what they intended. Continue reading “Exercise Caution When Opening Joint Bank Accounts”
Tag: Beneficiary
Beneficiary Designation Forms: A Good Estate Plan Is Not Complete Without A Review Of These As Well
Now that you are finally getting around to having your Will prepared or updated, or even considering adding a Revocable Trust to your planning documents, it is also important to plan for those assets that are subject to a document commonly referred to as a beneficiary designation form. Most commonly, my clients inquire: Doesn’t my Will take care of these assets as well? The answer is “no.” Although in some cases you may desire that those assets be directed to your estate so that they pass through your Will, or even a trust you have created, you must do something to make that happen. That something is done through your beneficiary designation forms. This is of the utmost importance because the assets that pass by beneficiary designation may very well comprise a large percentage of your total assets. Continue reading “Beneficiary Designation Forms: A Good Estate Plan Is Not Complete Without A Review Of These As Well”
Trusts and Wills: What if the document no longer fits the family situation?
A common complaint about the trust or will of a deceased ancestor is that the terms of the trust or will are not responsive to changed circumstances and events not contemplated at the time the instrument was signed. Trust beneficiaries may become disabled or improvident. Family members may develop conflicts. Tax laws may have radically changed. Unfortunately, upon the death of the ancestor, the trust and will become irrevocable. Notwithstanding, there are answers to certain of these post-death problems. Continue reading “Trusts and Wills: What if the document no longer fits the family situation?”