What is the Problem? Your 401Ks, IRAs, bank accounts, CDs, and other money saving tools usually require you to designate a beneficiary for the time when you pass away. These are sometimes called PODs or TODs. That means Pass on Death or Transfer on Death. Accounts and...
What is Probate? Probate is the legal settlement of someone’s money and property, known as their estate, after they have passed away. The court will begin the process by validating the will if there is one. Then the court will divide your estate to your creditors,...
We crave fast and simple in our ever complicated culture. We miss the days of Mayberry. However, Aunt Bea probably said herself, ‘nothing good ever comes quickly or easily.’ Or, ‘if you don’t have time to do it right, do you have time to do it twice?’ As irritating as...
The trustee is the person responsible for the management of a trust. He or she has a duty of loyalty, known as a fiduciary responsibility, for the beneficiaries of the trust. This places a legally enforceable standard of care on the trustee. The trustee must Protect...
Benefits The benefit of a Trust is to protect your family and assets, and to ease the process of settling your estate. A Trust is simply a set of instructions. The instructions explain what you want to happen with your estate for beneficiaries, debts, and taxes. It...
You deed your house to the kids. We have heard people say they want the kids to get their house, so they will sign the deed over to the kids. Then no one else can get it. Here is the problem- if you need TennCare or Medicaid, there is a five year “look back” period....
