Among the gifts of later life marriages, is the hard won experience that informs relationships. Marrying later in life may have unique challenges too, since everything from our pasts comes with us, including children, grandchildren, and accumulated assets and debts. Accordingly, paying extra attention to estate plans is a wise idea.
Think Ahead
Though not generally the most joyous activity in relationships, thorough joint review of finances and expectations for the present and future is essential:
If your upcoming wedding is a remarriage, you should review all retirement accounts, pensions, 401(k)s, life insurance policies, and power of attorney documents for both health care and financial matters.Some state laws or your prenuptial agreement may require that a certain portion of your estate pass to your spouse.An experienced estate planning attorney will be able to help you safely navigate these changes.
With clarity on assets and intentions for beneficiaries in hand, establishing a trust as part of a new or updated estate plan is often a logical step for couples:“A revocable living trust (RLT) allows you to distribute assets held in the trust efficiently after death, as well as manage such assets while you are alive. If you become incapacitated while you are alive, your RLT is effective and can be used to provide for you and your loved ones as outlined in the RLT document.”
Whenever a trust is established, the designation and preparation of a trustee to carry out the intentions spelled out in the trust agreement is critical When a marriage involves blended family, decisions and communications about the trustee should be undertaken with extra care:
Blended families are by their very nature…extremely complex, relationally and financially.Depending on your family dynamics and those of your new spouse, conflicts may be unavoidable.You may consider appointing a non-family, objective outsider to serve as your executor or trustee to reduce the tensions. By using a corporate trustee, your estate will also benefit from the professional knowledge of the tax and administrative complexities of estates and trusts.
Learn more about the general duties of trustees right here. No matter who you choose as a trustee, keep in mind that every trustee has a fiduciary responsibility to exercise reasonable care and skill in managing the assets of the trust. Trustees have fiduciary obligations and are held to exceptionally high legal standards,“the most important of which are the duties of loyalty and care, and the duty to act in accordance with the terms of the trust agreement.” Given the seriousness of the role, trustee bonds are often required. Essentially, a trustee bond is a specific type of fiduciary bond that protects the interests of the trust and its beneficiaries in accordance with applicable state law. As a leading national provider of many types of fiduciary bonds, Colonial Surety makes it easy and efficient to obtain trustee bonds: Just get a quote online, fill out the information, and enter a payment method. Then, simply print or e-file the bond from anywhere.
Trust and Estate Law?
You’ll have plenty more time to talk to clients about what really matters when you trust your fiduciary bond needs to Colonial Surety.
Just log in to The Partnership Account® for Attorneys, choose a bond, send it to your client for payment, then download, e-file or print the bond. Specific obligee requirements? Trust us: Colonial’s a direct bond writer, so our experts are here to ensure obligee requirements across the country are properly met.
Our fiduciary bond portfolio includes: administrator, estate, executor, guardian, personal representative, probate, surrogate, trustee, conservator and the list goes on. Our court bond portfolio includes appeal, supersedeas, injunction, replevin, receiver and more.
Speedy, easy bonds court and fiduciary bonds, right here:
The Partnership Account® for Attorneys.
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