When a person passes away and their minor children inherit assets, the children are not simply handed the money. They are legally not old enough to handle it. So, the court appoints a “conservator” or “guardian of the estate” to manage the child’s assets. The conservator pays a lawyer to handle the affairs of the […]
Read More»When I talk to a client about an estate plan, I find myself often using the phrase “express your wishes.” An estate plan is not just about saying who gets what assets. It’s also about saying how the transfer should be accomplished and what the assets should be used for. Similarly, creating documents that say […]
Read More»Yesterday’s Oregonian detailed the latest in what seem to be an unending series of abuses of children in foster care under the supervision of Oregon’s Department of Human Services (http://www.oregonlive.com/pacific-northwest-news/index.ssf/2013/06/salem_foster_parent_who_abused.html). What happens when a parent is in a coma after a car accident or medical emergency? What if a spouse is out of town or […]
Read More»An estate plan is especially important for parents. They can nominate guardians and set up testamentary trusts for their kids, to provide guidance for distribution of assets so that the funds are not distributed in their entirety when a child turns 18. I also create a Durable Power of Attorney for Childcare: a detailed, legal […]
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