The Social Security Administration (SSA) governs benefits provided to elderly or disabled individuals. The benefits received through Social Security can have an impact on your estate, so it’s important to account for that when creating your estate plan.
Exactly what is covered by Social Security depends on the type of benefits you receive. Some of the uses for Social Security include:
A fiduciary is defined as any person or party who acts on behalf of another party. As such, they have a duty—referred to as a fiduciary duty—to put their client’s interests above their own. Often, this involves the management of other people’s money, such as a shareholder’s investment in a company or the funds placed in a trust.
Put simply, the duty of a fiduciary is to look after the best interests of their clients, even if that means putting the client’s interests above their own. For example, a trustee has a fiduciary responsibility toward the beneficiaries of the trust, and therefore must manage the trust in such a way that it benefits the estate beneficiaries rather than their own selves.
One item that is absolutely vital to an ironclad estate plan is an advance directive. An advance directive spells out your wishes regarding medical treatment in the event that you become incapacitated or incapable of making your own decisions.
Also commonly called a healthcare directive or healthcare power of attorney, an advance directive is simply a document with written legal instructions on medical treatment. It only takes effect if you become incapable of making those decisions on your own, such as if you are put in a coma, become incapacitated, etc. The purpose is to help medical professionals and caregivers make the right choices regarding medical treatment.
One way to protect real estate is through a trust. Doing so has its advantages, but there are also potential drawbacks to take into account. In this article, we’ll explore the benefits and disadvantages of placing real estate in a trust.
A trust is an arrangement in which a trustee holds your property. This can help protect you from certain liabilities, such as legal actions, seizure from creditors, and some taxes. Trusts are a common component of estate planning since they help preserve wealth for your heirs.
A will is an integral part of your estate plan, and it’s important to make sure it holds up after you pass on. Unfortunately, people may attempt to contest your will in an effort to benefit themselves.
In order to invalidate a will, the person contesting it must have legitimate grounds for doing so. Simply disagreeing with the provisions set forth in your will is not enough; they need to prove it is actually invalid.
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