In his best-selling book, “How Will You Measure Your Life,” Clay Christensen writes, “Companies focus too much on what they want to sell their customers, rather than what those customers really need.” According to Christiansen, successful companies are able to first determine what problems their customers are trying to solve, and then provide a product […]
Grandpa, who is going to get your fishing boat when you die? Apparently my estate planning mind started early—at around age 6 or 7. After a beautiful afternoon of fishing with my grandfather on a rural Minnesota lake, I broke the silence of the car ride home with the most indelicate of questions. My grandfather […]
A family legacy letter, also known as an “Ethical Will,” is a non-legal document that provides surviving family members with one’s wishes and directions for leaving behind a relational, spiritual, and family legacy. While it is critically important to have one’s legal and financial affairs in order, creating a legal estate plan is only one […]
Over the past few weeks, our firm has continued to operate as normal. We have hosted face-to-face meetings in our office, as well as video calls, telephone calls and emails. We have, however, observed an increase in the number of new or existing clients who are addressing while in a “self-quarantine” or “shelter in place” […]
Who should I appoint as my backup trustee and executor? This is perhaps the most common question posed by my estate planning clients. I recently studied the kings of ancient Israel. I thought that those of us who counsel clients on making appropriate key individual or “fiduciary” appointments could apply a few lessons learned from […]
Everyone completing an estate plan must give consideration to the individuals (or entities) making decisions on your behalf in the event of your incapacity or death. If you are married, you would likely name your spouse as the first “agent.” However, you would still name someone to serve if you (or, if married, both you […]
Generally, your options for naming a Trustee include the following: Beneficiary / Family Member Advantages: Knowledge of your unique asset situation and planning objectives; Cost savings Disadvantages: Lack of Experience; Potential pressures related to good faith and impartiality duties Non-Professional Individual(s) Advantages: Knowledge of your unique asset situation and planning objectives; Cost savings Disadvantages: Lack […]
If the person (or entity) named by you as Trustee agrees to serve, that person (or entity) has certain legal duties. In brief, these duties are as follows: Good Faith. The Trustee must abide by the terms of your trust agreement. Loyalty. The Trustee must make decisions for the benefit of the beneficiary or beneficiaries, […]