Trustee vs Power of Attorney vs Personal Representative: Key Roles You Should Know
3.2 هزار بار بازدید -
3 سال پیش
-
Do you know the difference
Do you know the difference between a trustee, power of attorney and personal representative? In estate planning, these three terms are extremely important, as the powers and duties entrusted in each person can be very different. ✅If you're a Maryland resident and need estate planning help, call us at 410.590.1900 today
--
Related: 🎥 Medicare vs Medicaid: What's the difference? Medicare vs Medicaid: What's the Diff...
--
👉What is a Trustee? A trustee is a person who has the powers of administration over the assets in a trust. For most trusts, especially revocable living trusts, the person who creates the trust will be able to be the trustee and remain in control of his or her assets. A substitute trustee would be appointed to manage the assets in the trust upon incapacity or death. After death, trust assets do NOT go through the court's probate process, so the trustee would be in charge of distributing trust assets after death.
👉What is a Power of Attorney? The power of attorney document allows a designated individual to make decisions on your behalf should you become incapacitated and unable to make such decisions on your own. The power of attorney may be given access to assets that a trustee, for example, could not access, such as an IRA. Power of attorney ends at your death.
🚀More on Power of Attorney in this video: The #1 Maryland Estate Planning Mista...
👉What is a Personal Representative? The personal representative is designated by the court to administer and distribute assets from your probate estate after you pass away. Remember: the probate estate does not include trust assets or other assets that are protected from the probate process, such as retirement accounts and life insurance policies.
🚀More on Personal Representatives in this video: Modified Estate Administration - A Ke...
Be sure to check your state's laws regarding estate planning, as laws differ from state to state
Maryland Estate, Trust & Asset Planning | Resources from our Maryland Estate Attorneys
✅How to Protect Your Home and Life Savings in Maryland: Our Free Webinar: https://joinnow.live/s/NXEhp2
✅If you're a Maryland resident and need estate planning help, call us at 410.590.1900 today
✅Download Our Free Book, How to Protect Your Home & Life Savings in Maryland: https://chesapeakewillsandtrusts.com/...
📚Learn More About Maryland Trust Law: https://chesapeakewillsandtrusts.com/...
📚Learn More About Wills: https://chesapeakewillsandtrusts.com/...
📚Learn More About Asset Protection: https://chesapeakewillsandtrusts.com/...
✉Contact Our Estate Planning Attorneys: https://chesapeakewillsandtrusts.com/...
--
Related: 🎥 Medicare vs Medicaid: What's the difference? Medicare vs Medicaid: What's the Diff...
--
👉What is a Trustee? A trustee is a person who has the powers of administration over the assets in a trust. For most trusts, especially revocable living trusts, the person who creates the trust will be able to be the trustee and remain in control of his or her assets. A substitute trustee would be appointed to manage the assets in the trust upon incapacity or death. After death, trust assets do NOT go through the court's probate process, so the trustee would be in charge of distributing trust assets after death.
👉What is a Power of Attorney? The power of attorney document allows a designated individual to make decisions on your behalf should you become incapacitated and unable to make such decisions on your own. The power of attorney may be given access to assets that a trustee, for example, could not access, such as an IRA. Power of attorney ends at your death.
🚀More on Power of Attorney in this video: The #1 Maryland Estate Planning Mista...
👉What is a Personal Representative? The personal representative is designated by the court to administer and distribute assets from your probate estate after you pass away. Remember: the probate estate does not include trust assets or other assets that are protected from the probate process, such as retirement accounts and life insurance policies.
🚀More on Personal Representatives in this video: Modified Estate Administration - A Ke...
Be sure to check your state's laws regarding estate planning, as laws differ from state to state
Maryland Estate, Trust & Asset Planning | Resources from our Maryland Estate Attorneys
✅How to Protect Your Home and Life Savings in Maryland: Our Free Webinar: https://joinnow.live/s/NXEhp2
✅If you're a Maryland resident and need estate planning help, call us at 410.590.1900 today
✅Download Our Free Book, How to Protect Your Home & Life Savings in Maryland: https://chesapeakewillsandtrusts.com/...
📚Learn More About Maryland Trust Law: https://chesapeakewillsandtrusts.com/...
📚Learn More About Wills: https://chesapeakewillsandtrusts.com/...
📚Learn More About Asset Protection: https://chesapeakewillsandtrusts.com/...
✉Contact Our Estate Planning Attorneys: https://chesapeakewillsandtrusts.com/...
3 سال پیش
در تاریخ 1400/01/11 منتشر شده
است.
3,290
بـار بازدید شده