You already know that you need a Will, Power of Attorney, Living Will or Trust but what to do about picking a trustee, executor, asset manager or trust company. Start here to begin your journey it will certainly save you time, money and help you quickly learn what to do and may provide insight on what not to do.
Startup Entrepreneur Podcast Listenup Show Youtube001
Specialized Assets and Digital Asset Planning. Use trusts to manager your assets.
Specialized assets. and digital asset planning. Use trusts to manager your assets.
Units in an LLC, shares in a corporation, copyrights, patents, oil and gas, farmland or mineral rights are just a few examples of specialized assets. This does require a special level of estate planning and detailed coordination with heirs, advisors and fiduciary professionals. Specialized assets might be passive income royalties or active income but with thoughtful plans and good execution your family can benefit from your decision to take an active interest in your legacy. Let us continue this conversation.
You have photos and other information stored in the cloud, social media accounts, patents, copyrights, and lots of other digital media. So does your Will, Trust, Power of Attorney and other legal documents cover all of these assets. Well I am glad you asked that questions. You came to the right place for all your answers.
For The Prossessional Or Individual Fiduciary Or Family Member
Creating a Will in 2016 -Even if you are a fiduciary professional you still want to continue reading as these are also the same steps used to interview your clients, customers etc. If your just starting out its a good primer so you can discuss with your attorney, CPA or other advisor so empower yourself here right now.
My Story – So Who Do You Think You Are?
The Client Story – Start Here
Learn what general and specific goals the client wants to achieve; Married, Children, Creditor Protection, Sprendthrift provision, Grandchildren, Education, Gifting, Business, Divorced, Single, Second Marriages, Newlyweds, New Born Baby, Travel, Illness.
Always address the 5W's: Why, When, What, Where, Who
Personal Information – Gather
Assets – Probate v Non-Probate
Beginning , Middle, End – Parts of a Will
Click to subscribe to get the remaining post a some free give aways that benefit the pros sessional, individual fiduciary, beneficial or someone needing to create their Will.
(1) Take the time to gather all of the personal and financial data from the client and ask the important questions;
(2) Assets - Identify the property (home, car, cash, savings, stocks, bonds, C.D.’s, etc.), personal belongings, clothing, jewelry, etc.; tangible personal property such as household furnishings, and any other assets you may own or have an interest in such as a business);
(3) Titling of Assets - Individual Name alone (other than assets with a beneficiary designation) will pass according to Will. Assets with beneficiary designation will pass according to beneficiary designation. Assets in Joint Name, P.O.D. “in trust for” or similar designation will pass to the surviving joint owner or designation.
(4) Identify the individuals to receive your property;
(5) Specify what amount each individual is to receive; what specific item(s) are to be given to which specific individuals);
(6) Establish (within the Will) an educational trust for your child(ren)’s or grandchild(ren)’s for higher education and hold the assets in further trust after graduation for distribution at given ages, i.e. “balance of trust: 1/3 at graduation, 1/3 at age 25, 1/3 at age 27.”;
(7) Will Contest;
(8) Spendthrift Provision;
(9) Estate Expenses
(10) Self Proving Provisions
Why: So the entire estate goes to you. Unless your grandmother's sister shows up.
Why - What happens if no Will Don't Ask Why but if you Must
If no Will: State law provides default provisions based on the intestate code – would appoint your personal representative (Administrator/Administratrix) who would be in charge of your estate and who would receive your estate assets and the state intestate statute would also determine the people who receive your estate and in what percentages.
In rare cases without a Will, a person’s estate might go to the State. This is called “Escheat”.
Without a Will, people you do not approve of may receive all or part of your estate, and the Court will decide who will serve as the personal and financial guardian for any minor children.
You do not want to include certain people: , i.e. child, brother, sister, parent, grandchild, etc.
Ease the distress for your family. Make a Will.
Without a Will, those persons may have received a part or all of the individual’s estate.
Although a Will is relatively inexpensive, it is extremely important, even critical, that it be properly worded, reviewed and explained before it is signed.
Estate Planning 101
Cross all your t's and dot all your Ira's.
Assets: Title of Accounts Probate v Non-Probate
Estate Sale: It would be nice if she left me all her money, but mostly I want her overstuffed chair.
Distribution of Property - Outright, In Trust, Specific Bequest, Residue, By Operation of Law, Collectibles, Gifting
Types of Assets - Investments, Bank Accounts, Insurance
Your uncle left everything to charity so far we haven't been able to locate her
Beginning – In writing, capacity, ID: Name, Address, Family Members, Intent, revoke prior.
Personal Property by list
- Incorporate by Reference
Middle - ID Beneficiaries, ID Property to be distributed, Creditor Protection, Virtual Rep.
Residuary Trust – HEMS
Per Capita v Per Stirpes
End - ID Executor(s), ID Trustees - Appoint your personal representative (executor/executrix, trustee(s)
Successor if the first appointed cannot serve).
Guardian for Children - For Property and For the Person• Name the person(s) to be the personal guardian (have custody of and raise your child/children.
• Name the persons) to be the financial guardian of property passing to your minor children or grandchildren.
What did we learn - Key Points
You need a Will, Intent, In Writing, Two Witnesses, Notary, Revoke previous
Get the Story – Let the Client Tell Their Story
Background Information – Key People/
Gather Assets and How They Are Titled
Don’t forget every Will has three parts - Draft the Parts – Step by Step
Allow the client the opportunity to review the Will and ask any questions well in advance of the appointment to sign the Will; and go over the Will before signing to ensure that the client’s goals have been met and that all terms of the Will are understood.
Execution - Signed, Notary, two Witnesses - self proved (v holographic Will)
Execute and/or Review
Trust Smarter with trusts, estates and estate planning.
So what are trusts, estates, estate planning and fiduciary trustee services.
We should also explore the role that the trust company provides.
The trust’s wealth advisory financial services support team includes those matters related to a fiduciary role as banks trustee and personal wealth clients. They provide day-to-day legal advice and support for new and/or existing trust relationships, including providing day-to-day legal support to all members of the Bank. They develop and implement strategic policies, procedures, templates and forms to help standardize and streamline the provision of legal support for existing trust customer work.
Provide estate and trust expertise for the internal partners (Relationship Managers/Investment Advisers, Fiduciary Advisers, and Private Client Advisers) and management on trust, estate and fiduciary issues affecting the financial institution existing client base, including: discretionary distributions; Delaware directed trusts; borrowing and lending by trusts; identity of distributees and nature of their interests; allocation of receipts and expenditures between principal and income; exercise of power to adjust; conversion to TRU; validity and effect of exercises of powers of appointment and disclaimers; risks of unusual or complex transactions; creation of LLCs to hold special assets and management thereof; administration of business interests and assets; management of real estate and real estate transactions; creation and administration of special needs trusts; trust terminations including statutory small trust terminations; fiduciary income and transfer tax questions (especially generation-skipping transfer tax issues); and issues pertaining to estate administration and guardianships.
Trust officer duties: prepare appointments, acceptance and resignation paperwork for trust customers, including release, refunding and indemnification agreements; review predecessor trustee refunding and indemnification documents.
Are you a paralegal, attorney or want to help with litigation support well you can develop template forms for some of the above mentioned documents, as well as policies and procedures to streamline the legal preparation and negotiation of those documents.
Do you need help assisting your employer with managing litigation involving trust customers, including managing outside counsel in legal research and in preparation of court pleadings, releases and other documents; making strategic legal decisions on how matters should be handled; reviewing and approving legal invoices.
Looking for a new career or industry change then start learning about identifying, evaluating and escalating legal and regulatory risks affecting the Bank and their fiduciary trusts and estates business, including assisting with the review of business line practices and procedures to conform with legal requirements and to mitigate risk.
Partnering with the trust company organization’s compliance, risk and audit groups on bank smarter and TrustSmarter matters affecting existing trust customers; keeping senior management and other personnel up to date on pertinent legal and regulatory developments, including legal risks. You guys can do this your trusted friends at # Listenupshow and mitchellchadrow.com
Are you legal counsel or investment counsel or just some student who wants to get in on appropriate business bank and trust committees and meetings for the financial industry, including Real Estate Committee and the Closely Held Business and Unique Assets Committee – #readup further
Conducting research and participating in industry association meetings and think-tanks to keep abreast of relevant laws, regulations, legal developments and industry issues affecting the department. Sounds like fun.
What other trust and bank counsel employees will you have to deal with senior business leaders; outside counsel; regulatory officials; risk, compliance and audit counterparts at the organization; counterparts at other companies; and industry representatives.
other specialities: Trust and fiduciary law and estate planning; advising on trust and estate administration, fiduciary income tax and other fiduciary and investment law issues; and knowledge of Delaware trust law and the Uniform Trust Act
#trustsmarter, Trust Smarter trustsmarter TrustSmarter.com @trustsmarter
Finding a Professional Fiduciary in 2016.
Digital Asset Planning. You have photos and other information stored in the cloud, social media accounts, patents, copyrights, and lots of other digital media. So does your Will, Trust, Power of Attorney and other legal documents cover all of these assets. Well I am glad you asked that questions. You came to the right place for all your answers.