Joint Tenancy May Not Be Right for Newlyweds

If you are recently married or have been married and are acquiring additional assets, know that you have options when it comes to how the property will be titled. And, although joint tenancy seems like an easy and convenient choice, it may not work as well as you would think. What is Joint Tenancy? After getting married, it is common for couples to take title to one another’s bank accounts, brokerage accounts, personal property, and other assets as joint tenants with rights of survivorship (“JTWROS”). An asset that is titled as JTWROS is owned by at least two people with each party (or tenant) having an equal right to the asset. Each tenant is also afforded survivorship rights in the event o

Estate Planning Basics for Newlyweds–How to Get Prepared for the Unexpected

For richer or for poorer, in sickness and in health. It is that time of year – the time for beautiful weddings, fun receptions, delicious cakes, special gifts, and romantic honeymoons. While this is a joyous time for everyone, it is also time for you and your new spouse to plan for your future–for richer or for poorer, in sickness and in health. Why Newlyweds Need to Plan Their Estates Why should newlyweds care about estate planning? Because everyone–young or old, married or single–needs to protect themselves and those they love. Unfortunately, many couples spend more time planning their honeymoon than they do planning the best way to protect each other. What Happens Without an Estate Plan

Estate Planning For the Newly Married

Now is the perfect time to start working on an estate plan—because, as newlyweds, you may not have a list of your accounts, but you have effectively just done a working inventory of your possessions—as you have figured out how to consolidate two households into one. You have already been working on the new banking and shared responsibility of bills and taxes and so forth. Use all that time and energy and work as a leapfrog into planning for your future—so you will much more prepared for the house, the kids, and the next stages of your new life together. Here are some thoughts as the two of you begin your estate planning considerations. Why Think About Estate Planning At This Point? Even if y

Who Should Be Your Successor Trustee?

If you have a revocable living trust, you probably named yourself as trustee so you can continue to manage your own financial affairs. But eventually, someone will need to step in for you when you are no longer able to act due to incapacity or after your death. Thus, your successor trustee plays an important role in the effective execution of your estate plan. Responsibilities of A Successor Trustee At Incapacity: If you become incapacitated, your successor will step in and take full control of your trust for you - making financial decisions involving trust assets, even selling or refinancing assets, and other tasks related to your trust’s assets. Your successor may also be involved in payin

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