Does anyone have a crystal ball that I could borrow? Wouldn’t it be nice to know what our future looks like, so we could be better prepared—but on the other hand, maybe not?
If asked to be a trustee, anyone, unless previously experienced in this field would not know what the responsibilities are. How much work is involved? What is the time frame? Do I need to prepare tax returns and handle accounts? Can I get help? When do my responsibilities end?
According to a study by the Pew Research Center, remarriages are on the rise. Four out of 10 marriages are now remarriages. Half of previously married seniors have remarried again.
We talked about the various things you should think about and get in order, so that if ‘something happens’ your loved ones don’t have to do a frantic search for your important information.
Trusts fall into one of two main categories. The first category is composed of those that are established while the grantor (one who establishes the trust) is alive and are termed inter vivos (while living) trusts.