How to AVOID Incapacity Planning Failures скачать в хорошем качестве

How to AVOID Incapacity Planning Failures

The importance of incapacity planning! Though it might seem like you’ve got everything covered within your trust document, estate planning is not just about what happens after you die. Issues can also arise in the event that you become incapacitated. Over the years we have seen all sorts of problems because not enough attention was paid to incapacity planning. If the current plan you have in place doesn’t make it quick and easy for others to step in and take over on your behalf, delays can cause your own health and well-being to suffer. It can also cause confusion and disagreement among family members leading to more time and money in court. https://absolutetrustcounsel.com/088-... Time-stamped Show Notes: 0:00 Introduction 1:41 What are some ways you can avoid estate planning failures due to incapacitation? Listen in as Kirsten and Madison talk about some ways to do this. 3:23 How do you determine that someone is incapacitated, meaning they can’t handle their financial affairs or make medical decisions for themselves? It’s usually done through a court order. Here’s what you need to know. 7:24 Assembly bill 1079 was passed last year, which deems a trust irrevocable if the owner becomes incapacitated. Trustees now must notify beneficiaries if the trustor becomes incapacitated and provide accountings upon request. Press play to learn more about what this means for you and your trust. 11:06 It’s important to understand your responsibilities as a trustee following incapacitation. You have to follow the law and read the trust document carefully, but that’s not all. 12:57 When it comes to trusts, people assume that everyone in the family will do the right thing, but what happens if they don’t? This is why your trust needs to be specific. Listen in as Kirsten and Madison discuss a few different scenarios. 16:02 Gifting power, whether to charities, friends, or family members, is another area that should be specifically included in a trust ahead of time. Here’s why. 17:51 All people over the age of 18 should have a power of attorney for legal and financial matters. Why? Start listening now to find out. 18:10 Working with banks can be challenging when it comes to proving power of attorney. Here are some tips Kirsten and Madison recommend to make dealing with banks easier. 19:34 How often should you refresh your power of attorney? Every ten years is a good rule of thumb. 20:29 Some banks don’t like to work with multiple agents. Tune in here to find out why and how to find the right bank based on your wishes. 22:57 How can you make it easier for a bank to accept your power of attorney? Use their forms in order to expedite the process. [Ad] Ready to take control of your estate planning? We're here to guide you every step of the way. Schedule a free discovery call today, and let us help create a plan that secures your future and protects your loved ones. https://absolutetrustcounsel.com/sche... We're pleased to provide a library of e-books to address common estate planning questions and concerns in practical, easy-to-understand language. https://absolutetrustcounsel.com/reso... Kirsten would love to offer you access to her Incapacity Planning resource page: https://absolutetrustcounsel.com/inca.... We’ve collected our top planning information all in one place so listeners can find videos, guidebooks, blog posts, and a host of information with tips and strategies on implementing, planning, and protecting themselves and their loved ones. Your Trust Administration Guide: The job of a trustee isn’t as easy as one may think. You must give legal notices, retitle assets, file tax returns, understand a legal document, and perform a variety of tasks most people find unfamiliar. As a trustee, if you forget a step or make a mistake, you could be held liable. Protect yourself, have a plan, and find out the next steps about your specific trust. Schedule a one-hour roadmapping session with Absolute Trust Counsel. We will review your trust, answer your questions and develop an action plan to get the job done right. https://absolutetrustcounsel.com/trus... Kirsten Howe and the Absolute Trust Counsel Team Can Be Reached at 925-943-2740 or Info@AbsoluteTrustCounsel.com. Facebook: absolutetrustcounsel X: kirstenhowe LinkedIn: absolute-trust-counsel Instagram: absolutetrustcounsel Episode Credits The Absolute Trust Talk podcast is brought to you with the help of Q2Mark, led by Chief Marketing Officer Susie Hays. Since 2016, Q2Mark has partnered with Absolute Trust Counsel on all marketing communications—from brand development and website design to this podcast series with over 192 episodes, social media management, video production, and more. If you're business owner looking for comprehensive marketing support, visit https://q2mark.com/.