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Many people are now thinking, My estate is far less than $5,000,000, so I do not need to worry about having a trust. However, that conclusion may be premature as there may be many good reasons to still consider an A-B trust arrangement. First, what is an A-B trust? This is a type of trust Over the years many of us have made the remark “they can fight over it when I’m gone”. However, what you have left your children with is what you have strove to provide them all along—guidance. Even if you do not have children, you leave your family with no instructions as to what your wishes What can go wrong when you choose the wrong person to serve in a fiduciary capacity? Or what if the court charged with overseeing your guardianship or conservatorship falls down on the job? A recent article in the Denver Post http://www.denverpost.com/search/ci_14442041 (“Probate court rife with lapses in training, oversight: Who’s Protecting the Unprotected”, By David Olinger, Today, many people name children, siblings, and others as joint tenants on their bank accounts. When asked, most will tell you it is for convenience. While that may be true, many do not realize the pitfalls to the convenience. To begin, let’s make a critical distinction, because there are different ways you can put someone “on For those of you with a special dog, cat, ferret or iguana in your life, an important part of your estate plan is specifying in your Will or Revocable Trust what happens if that pet survives you. Like most aspects of your planning, it’s up to each individual client what their wishes are, and there are a great range of options to provide for your fuzzy friends if something happens to |
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