Estate Planning
Your to-do list to establish your trust may sound like a lot of work. Steps don’t need to be rushed, be sure to cover all of the bases. ASSETS. MAKE A LIST. Think of this as an inventory of all of your “worldly goods;” these are things you want to pass on to others. You’ll […]
Read More WHAT IS A TRUST vs A WILL? Both trusts and wills are used in estate planning. Both are used to name your beneficiaries and which beneficiaries will receive your assets after you are gone. The paths your beneficiaries will take with a trust and a will are, however, quite different. A LIVING TRUST IS ABOUT […]
Read More TESTAMENTARY TRUST A testamentary trust is part of a will. This type of trust will be established after the grantor’s passing and during the will’s probate phase. For example: An older couple, Michael and Stephanie, have adult children and grandchildren. Michael and Stephanie want to help their grandchildren, great-grandchildren (and more, if possible) with their […]
Read More WHAT IS A TRUST? A trust: is an estate planning tool–a legal document–which is commonly used to manage the disposition of assets after the person who created the trust (the grantor) passes away. In addition, a trust can be used to distribute assets while the grantor is alive. It all depends on the purpose of […]
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A TRUSTEE IS APPOINTED IN A TRUST. A trustee performs an oversight role for the assets in your trust. If the trust is a living trust, then the trustee’s role may be quite similar to an executor, except a living trust is not subject to the oversight of a probate court. In this case the […]
Read More CHOOSING A TRUSTEE Since the role of a trustee carries significant financial and administrative responsibilities careful thought should be put into choosing who will perform that role for you. THESE ARE SOME OF THE SKILLS AND TRAITS TO LOOK FOR IN A TRUSTEE: Intelligence. Your trustee needs to be able to handle a variety tasks–financial, […]
Read More WHAT DOES A TRUSTEE DO? A trustee is responsible for many tasks in administering a trust including personal involvement, managing money, record keeping and, in some cases, healthcare decisions. A trustee becomes familiar with and understands the terms of the trust. A TRUSTEE HAS PERSONAL INVOLVEMENT A trustee is personally involved with the actions related […]
Read More WHAT IS A TRUSTEE? A trustee is legally designated to administer and manage a trust. A TRUSTEE IS APPOINTED BY A GRANTOR A trustee is appointed by the person(s) creating the trust, called the grantor(s). Co-trustees may also be appointed, so there may be multiple persons, with equal legal responsibility, managing a trust. A trustee […]
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Spring is (almost) here!
Read MoreScott Bloom is one of the most caring, responsive, elder law attorney you can find in central New Jersey. He has been a great support not only for my parents but also for me and my siblings. We are deeply grateful for everything he has done over the past 3 years. I am thankful ever […]
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