Estate Planning Archives | Page 3 of 3 | Wealthspire Advisors

A Revocable Trust – sometimes referred to as a “Living Trust” – is a lifetime trust that can be amended or revoked at any time during the creator’s life.  The creator (or “grantor”) of the trust typically also serves as trustee and is also a trust beneficiary during his or her life.   At the grantor’s death, the terms of the Revocable Trust direct how the grantor’s assets are to be distributed, essentially acting as a substitute for the Will. Nonetheless, the grantor still executes a Will.  This is because the grantor may have failed to transfer title of certain assets…

Lifetime and testamentary planning Contrary to popular belief, estate planning typically involves more than just signing a Will. It generally involves two sets of considerations: lifetime planning and testamentary planning. Lifetime planning may involve choosing decision-makers to make health or financial decisions on your behalf should you become incapacitated. For higher net worth individuals, lifetime planning may also involve establishing tax-efficient gifting strategies during life. A testamentary plan, on the other hand, will designate the individuals or charities who are to inherit your assets at death, and in what capacity (e.g., outright vs. in trust). In addition, a testamentary plan…

Changes to Connecticut’s existing power of attorney law will take effect on October 1, 2016.  Under the new law, a power of attorney (“POA”) that was signed before October 1, 2016 in compliance with the law in force at that time will remain valid.  A POA signed on or after October 1, 2016 must comply with the provisions of the new law. The new law differs from existing law in a few key ways.  First, the new law requires that a third party, such as a financial institution, either honor a properly executed POA or request additional information/documentation within seven…