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Selecting Trustees

Selecting a Trustee of Your Trust

Selecting Trustees

Selecting a Trustee of Your Trust

In a trust based estate plan you will be appointing successor trustees.   The trustee is involved in just about every aspect of the administration of a trust, from taking care of you and your trust during your incapacity (“disability trustee”) and administering your trust upon death (“death trustee”). The successor trustee role carries with it great responsibility.

What is Probate (and what it is not)

What is Probate?

Probate after a death is the process of winding up the affairs of a person who has passed away (to distinguish from probate for an incapacitated person--called conservatorship and guardianship).   Probate is initiated by filing an application for probate with the superior court.    This application may request an informal proceeding (where probate is started without a court hearing) or a formal proceeding (where a hearing is held)--more on these choices later.

Dealing with Addiction in Estate Planning

I have worked with a number of clients whose lives were impacted by alcoholism, chemical dependency, gambling and other self-destructive behaviors (collectively “addiction”.)  Statistically, 43 percent of Americans have been exposed to alcoholism in their families and the outlook for the future is not improving.  In a recent study, 1 in 8 Oregon children 12 and older reported using an illegal drug in the 30 days prior to the survey.  How many will become addicts or alcoholics?  Will they be your children or grandchildren?

Estate Planning--Back to the Basics

I would like to start off the year with a new year’s resolution challenge for all of my readers:    no matter your level of wealth or marital status, you should have in place at least the basics of an estate plan:

· Last Will and Testament. Known simply as a Will, this document appoints a personal representative to administer your estate on death, appoints guardians of minor children, if any, and designates how assets are to be distributed on death.     The Will is particularly important if you have minor children because if you don’t nominate a guardian, the Courts will choose one (and it may not be the person you would choose).