Estate and Incapacity Planning

Thinking of adding someone other than your spouse’s name onto your house, vehicle, bank account, or other major asset? Plan for the principle of resulting trust first! It is not uncommon for a parent, particularly if their spouse has died, to consider adding their adult child’s name on title to their house or to their…

There are two distinct ways in which one can own property with another person: tenancy in common; or joint tenancy. The main difference between the two can be explained by imagining two people, Person A and Person B, who want to own a piece of property (P) together. If A and B hold Property P…

A power of attorney is a document that allows one to appoint someone else to manage one’s financial and legal affairs if one becomes incapable. Having a valid power of attorney is a critical component of the plan for what happens if one loses capacity.

People often intend to create or update their will but put it off. This can be risky. Clearly, there is the possibility that one might pass away unexpectedly without creating or updating one’s will. This is not, however, the only risk. There is also the risk that one might lose the capacity to create or…

The simplest way to dispose of your assets on your death is to gift them to whom you wish to have them before you die. We have all made gifts in our life—birthdays, Christmas, weddings—so we all know what a gift is; it is an unconditional transfer of property to another. As we get in…

When asked about the title to their homes, most people will respond with the names of people with whom they share title. When asked if the people on title are on as joint tenants or tenants-in-common, they usually don’t know. Joint Tenancy When a property is held in joint tenancy, when one joint tenant dies,…

You original will is one of the most important documents you will ever create. It should be stored in a secure location that allows you and your executor access to it when required. Until you pass away you may wish that only you have access to the will in case you need to make changes…