by Tawnya Gilreath

Who should I pick to be successor trustee?

Estate and Business

When you create a living trust, you usually need to choose who to name as your successor trustee. It is crucial that this decision is not taken lightly and that the right person is selected for the job.

If you become incapacitated, your successor trustee will step into your shoes and take full control of your trust assets on your behalf. This means he or she will have full authority to make financial decisions — including selling or refinancing trust assets. In fact, as long as the act does not interfere with the instructions in the trust document and does not breach any fiduciary duty owed, your successor trustee is given broad authority over your trust assets. The authority is very helpful in many circumstances because it avoids costly, time-consuming court proceedings, like guardianship, conservatorship, or probate. Read More

by Tawnya Gilreath

Organizing for Tax (and Estate Planning) Season

Estate and Business

It’s the start of a new year, which means tax season—and this year’s April IRS filing deadline—is just around the corner. Soon you’ll be receiving tax forms such as your W-2 or 1099s, and you’ll start thinking about the life events that could affect your taxes in various ways.

This flurry of tax prep activity is the perfect opportunity to get your estate plan in order, too, and kill two birds with the proverbial stone.

Why? Because as you run down your list of “tax prep” questions, you will find that your answers could also impact your estate plan. Read More

by Tawnya Gilreath

3 Reasons You Want to Avoid Probate

The Law Office of Tawnya Gilreath

When you pass away, your family may need to visit a probate court in order to claim their inheritance. This can happen if you own property (like a house, car, bank account, investment account, or other asset) in only your name. Although having a will is a good basic form of planning, a will does not avoid probate. Instead, a will simply lets you inform the probate court of your wishes – your family still has to go through the probate process to make those wishes legal.

Here are 3 key reasons why you want to avoid probate. Read More