If you've been appointed an executor of a loved one's estate, or a successor trustee, and that person dies, your grief – not to mention your to-do list, including tasks ranging from planning the funeral, coordinating relatives coming in from out of town and (eventually) meeting with a trust administration or probate lawyer – can be quite overwhelming. First and foremost, take care of yourself during this emotional time.
When working with clients a frequent question I get asked is if their 401K or IRA should be put into a Retirement Plan Trust. It seems that more often than not, the advice being given is to leave those accounts alone. If you answer yes to any of the below, it’s probably time to update your Estate Plan and consider adding a Retirement Plan Trust.
A Living Will, also known as an Advanced Health Care Directive, is a written document that specifies what actions should be taken with regard to health issues if and when a person is unable to make those decisions due to illness or incapacity. The document provides caregivers and health care providers detailed instructions with regard to medical treatment for various ailments.