Now that sunshine and blue skies are upon us, people are opening their summer homes for the season. Happy memories of family vacations and gatherings often motivate parents to seek out ways to preserve their second home for their children, grandchildren, and great-grandchildren. Whether you’ve got a compound on the Cape or a cabin on Winnipesaukee, it’s an appropriate time to think about how these properties currently fit into your estate plan. It’s also crucial to consider how such decisions will affect those who love and use these properties now and might want to continue doing so after you’ve passed away.
During the Perkins School for the Blind annual fundraising gala, Perkins Possibilities 2016, we witnessed the launch of the powerful social change campaign called BlindNewWorld. The campaign aims to help the sighted population break down barriers to blind inclusion like discomfort and fear and create a more blind-friendly world. This got us thinking: how can we do a better job of taking the needs of clients who are blind or visually impaired into account when designing our estate planning services? We came up with three ideas we want to share.
If you already understand what a typical estate plan looks like, you can skip to the next paragraph. Put simply, it is more than just a will. Instead, a typical estate plan contains four documents: a will, revocable trust, health care proxy and power of attorney. The health care proxy and power of attorney are designed to operate during your lifetime, while the will and revocable trust control how your property is dealt with after your death. The will tends to be a relatively simple document by which you give away your personal belongings and name the personal representatives who are to administer your estate. The trust, on the other hand, distributes the balance of your assets among the people (and charities) you care about and names the trustees who will administer the trust property according to your wishes. The trust is necessarily more complex than the will, because it is where the tax planning provisions are found.
No two families are exactly alike, but all family members share common opportunities and challenges as they seek to take care of each other and leave a lasting legacy the next generation can build on. In this blog, the experienced attorneys in Nutter's Trusts and Estates and Nonprofit and Social Impact Advisors groups offer news and insights for individuals, couples and multi-generational families who are looking to convey wealth (and its responsibilities) to children and grandchildren, make a philanthropic impact in the community and prepare for the life events we all can face.