Be Challenged. Not Overwhelmed.
.Be Challenged. Not Overwhelmed.
By Lawrence Yeo
There is a fine line between fulfillment and burnout.
Fulfillment is largely linked to purpose, which is driven by your sense of agency over a given result. If you believe that a marginal increase in effort will lead to an outcome you’re proud of, purpose ensures that you’ll put in that extra hour. This is especially true if there’s no one else but you that is responsible for what is created.
But at what point does this marginal effort actually harm the overall result? Or in economics-speak, at what point does the law of diminishing marginal utility kick in? And how do we know when we’ve arrived at that point?
Be Challenged. Not Overwhelmed.
By Lawrence Yeo
There is a fine line between fulfillment and burnout.
Fulfillment is largely linked to purpose, which is driven by your sense of agency over a given result. If you believe that a marginal increase in effort will lead to an outcome you’re proud of, purpose ensures that you’ll put in that extra hour. This is especially true if there’s no one else but you that is responsible for what is created.
But at what point does this marginal effort actually harm the overall result? Or in economics-speak, at what point does the law of diminishing marginal utility kick in? And how do we know when we’ve arrived at that point?
To answer this, let’s explore the bottlenecks of human effort.
The utility of effort generally faces one of two constraints:
(1) Motivation, or
(2) Fatigue.
Let’s start with motivation.
You can have thousands of productive hours amassed in one space, but if those people find zero purpose in what they’re doing, you will have a sub-par result. Imagine an employer that boasts about how many employees he has, but no one believes in the vision. It won’t be long before that company loses ground to a small team of five people that are fanatical about what they do.
In this case, the bottleneck isn’t the lack of manpower. It’s the poverty of enthusiasm that is needed to make that manpower useful. After all, the quantity of workable hours is meaningless without the quality necessary to make it productive.
To solve this problem, employers often use money to bridge the gap. But as I’ve noted before, an increase in pay cannot increase motivation. The best thing it can do is to prevent a decrease in motivation, which is entirely different. Increasing motivation can only come through what psychologist Frederick Herzberg aptly referred to as “motivators,” which are things like challenging work, recognition, responsibility, and personal growth.
This is why people with high salaries doing difficult work can still feel that it’s pointless. If the nature of that work doesn’t align with their values or their curiosities, then it will feel like they’re watering a plant that looks fine on the outside, but its roots are quickly decaying. Being dead on the inside will eventually find its way to the outside, no matter how much you effort you put into taking care of appearances.
So that’s the first bottleneck. If a surge of effort hits a wall of indifference, nothing too great is going to come out of it.
But perhaps this bottleneck is one that doesn’t concern you. You find immense purpose in what you work on, and derive a ton of meaning from it. You regularly enter flow states and are happy to invest whatever time you have into your craft. First off, congratulations, that’s a wonderful spot to be in. But over time, you’ll realize that you’ll regularly hit the second bottleneck of effort:
To continue reading, please go to the original article here:
What Does An Estate Executor Do?
.What Does An Estate Executor Do?
By Bill Bischoff Last Updated: Oct. 4, 2021
Here’s a checklist of the most important financial duties
There are plenty of tax questions when a loved one passes away, but what other financial issues could arise? Tax Guy walks you through them. When a loved one who was financially comfortable passes away, there will most likely be tax issues. You may be the heir responsible for dealing with them, and major bucks could be in play. In three earlier columns, I explored the potential tax considerations. See here, here and here.
This column addresses some other important financial issues. Here goes.
What Is The Role Of The Executor?
When a loved one (the decedent) passes away, someone must take on the job of winding up the financial aspects of the estate. That person may be identified in the decedent’s will as the executor of the decedent’s estate.
What Does An Estate Executor Do?
By Bill Bischoff Last Updated: Oct. 4, 2021
Here’s a checklist of the most important financial duties
There are plenty of tax questions when a loved one passes away, but what other financial issues could arise? Tax Guy walks you through them. When a loved one who was financially comfortable passes away, there will most likely be tax issues. You may be the heir responsible for dealing with them, and major bucks could be in play. In three earlier columns, I explored the potential tax considerations. See here, here and here.
This column addresses some other important financial issues. Here goes.
What Is The Role Of The Executor?
When a loved one (the decedent) passes away, someone must take on the job of winding up the financial aspects of the estate. That person may be identified in the decedent’s will as the executor of the decedent’s estate.
If a family trust holds the decedent’s assets, the trust document will designate a trustee. If there’s no will or trust, the probate court will appoint an administrator. In any of these scenarios, we will call that person the executor to keep things simple. That person might be you. If so, please read this.
The executor’s assignment is financial in nature: identify the estate’s assets, pay off the debts, and distribute the remainder to the rightful heirs and beneficiaries. The executor is also responsible for filing tax returns and paying tax liabilities.
As the executor, you may feel morally obligated to do much more. We will talk about what “much more” can include.
Do You Need A Professional Executor?
Maybe. If the decedent was wealthy with complicated financial affairs, hiring a professional executor might be a good idea for that reason alone. It takes some of the heat off you.
Another situation where a professional executor might be advisable is warring or just-plain-unreasonable heirs. This is not unusual in families of means. For instance, one heir who has basically been living off the grid in New Mexico for the last 20 years might think the family homestead that will soon be put on the market is worth $10 million. The other heirs, who are much closer to the action, know it’s not worth over $5 million. The off-the-grid guy thinks he’s getting shortchanged and is threatening to sue everybody and their brother. Literally. Or a financially challenged heir may be demanding his or her share “in cash right now” even though that’s impossible. A professional executor can quash such nonsense without you getting dragged into the muck. A good estate planning attorney can recommend a good professional executor.
Whether you hire a professional executor or not, you may feel morally obligated to handle many things yourself.
To continue reading, please go to the original article here:
https://www.marketwatch.com/story/what-does-an-estate-executor-do-heres-a-checklist-of-the-most-important-financial-duties-11633121701?siteid=yhoof2
What Your Real Estate Agent Wishes You Knew
.What Your Real Estate Agent Wishes You Knew
Laura Woods Tue, September 28, 2021
Buying or selling a home is a very big deal. Most people only go through this process a handful of times in their life — if that — but real estate agents guide clients through it for a living.
Therefore, they’ve seen just about everything on both sides of the transaction and have plenty of wisdom to impart to their clients. No matter which side you’re on, it’s important to trust the agent you’ve enlisted to help and listen to their advice. For example, when searching for a new home, buyers often rely on price estimates from real estate sites like Redfin and Zillow to understand what different properties are worth. However, Mary Fitzgerald, a real estate agent with The Oppenheim Group, based in West Hollywood, California, said this isn’t the best approach.
What Your Real Estate Agent Wishes You Knew
Laura Woods Tue, September 28, 2021
Buying or selling a home is a very big deal. Most people only go through this process a handful of times in their life — if that — but real estate agents guide clients through it for a living.
Therefore, they’ve seen just about everything on both sides of the transaction and have plenty of wisdom to impart to their clients. No matter which side you’re on, it’s important to trust the agent you’ve enlisted to help and listen to their advice. For example, when searching for a new home, buyers often rely on price estimates from real estate sites like Redfin and Zillow to understand what different properties are worth. However, Mary Fitzgerald, a real estate agent with The Oppenheim Group, based in West Hollywood, California, said this isn’t the best approach.
“[Buyers] cannot rely on Zillow ‘Zestimates’ as they don’t take in account remodel work that has been done since the last sale, and also can’t differentiate between types and values on view homes,” she said.
Like many other parts of the country, Fitzgerald, who also stars on the Netflix reality television series “Selling Sunset,” said Los Angeles is currently experiencing a sellers’ market in the $2 million-$3 million range and under.
“Sellers should price aggressively and get the most traction as possible for the initial property launch,” she said. “With low inventory, buyers are fighting over properties and nine times out of 10 the seller will land at a higher sale price in a multiple offer scenario than if they list high and sit on the market.”
Of course, presentation is also hugely important in real estate, so Fitzgerald advises sellers to make sure their home looks its best.
“Staging, even if minor, is extremely important,” she said. “Many sellers don’t want to absorb the cost for this, but it is essential in many homes and sellers will almost always get this money back plus some — while gaining more buyers’ attention to the property and higher offers.”
To continue reading, please go to the original article here:
https://news.yahoo.com/real-estate-agent-wishes-knew-200246328.html
7 Areas Where You Should Continue To Be Financially Conservative While the Economy Recovers
.7 Areas Where You Should Continue To Be Financially Conservative While the Economy Recovers
Andrew Lisa Wed, September 29, 2021
The pandemic forced people to regroup financially and reassess what they were doing right with their money and what they were doing wrong. In most cases, the answer was to be more conservative — to pare back spending, increase savings, be wiser with their investments and take fewer risks.
Now that places are reopening and things are changing, many people are letting their guards down — the problem is that “over” is an overstatement. Millions who could and should be vaccinated are not, the Delta variant is now raging across several states and new lockdown restrictions are being imposed.
7 Areas Where You Should Continue To Be Financially Conservative While the Economy Recovers
Andrew Lisa Wed, September 29, 2021
The pandemic forced people to regroup financially and reassess what they were doing right with their money and what they were doing wrong. In most cases, the answer was to be more conservative — to pare back spending, increase savings, be wiser with their investments and take fewer risks.
Now that places are reopening and things are changing, many people are letting their guards down — the problem is that “over” is an overstatement. Millions who could and should be vaccinated are not, the Delta variant is now raging across several states and new lockdown restrictions are being imposed.
In other words, don’t break the fast just yet. The next few months are hopeful but uncertain. These are the places in your financial life where it’s best to keep your guard up for now.
Keep Planning For the Worst
Don’t get lulled into free-and-clear post-pandemic complacency, particularly when it comes to saving for any new emergencies that might pop up in the back end of 2021. For now, stay on a financial war footing.“
If you’ve made it through the pandemic thus far unscathed financially, now is not the time to get lax in your resolve,” said Steffa Mantilla, a certified financial education instructor (CFEI) and founder of the personal finance website Money Tamer. “With the new Delta variant, areas could go back into lockdown, which will affect the job market and potentially your income. Make sure you have an emergency fund of six months’ worth of expenses built up.”
Keep Attacking Debt
Mantilla is so adamant about prioritizing emergency savings that she says you should build a financial cushion even if it means paying just the minimum balance on your debts — but only temporarily.“Then, once you have some money saved, you can go back to debt payoff,” Mantilla said.
Here, too, it’s all about preparing for late 2021 curveballs. “The more debt you can get rid of, the more income is freed up,” she said. “Should you lose your job and need to take a lesser-paying job, you’ll have an easier time paying all of your monthly bills.”
To continue reading, please go to the original article here:
https://news.yahoo.com/7-areas-where-continue-financially-214628031.html
Americans’ Biggest Financial Regrets of the Decade
.Americans’ Biggest Financial Regrets of the Decade
Laura Woods Mon, September 27, 2021,
The old saying often rings true — hindsight is 2020. Everyone makes mistakes, and many of these blunders involve money. Many financial decisions seem like a good idea in the moment, but a few weeks, months or even years later, you realize they weren’t the best choice.
A 2019 survey conducted by Policygenius highlights Americans’ biggest financial regrets of the decade. If you’ve ever made a major purchase you regret or opted to spend money when you should’ve been saving — admit it, you have — you’re not alone.
Americans’ Biggest Financial Regrets of the Decade
Laura Woods Mon, September 27, 2021,
The old saying often rings true — hindsight is 2020. Everyone makes mistakes, and many of these blunders involve money. Many financial decisions seem like a good idea in the moment, but a few weeks, months or even years later, you realize they weren’t the best choice.
A 2019 survey conducted by Policygenius highlights Americans’ biggest financial regrets of the decade. If you’ve ever made a major purchase you regret or opted to spend money when you should’ve been saving — admit it, you have — you’re not alone.
The good news is, financial mishaps can be corrected. If you’re willing to make meaningful changes, you can get yourself out of an uncomfortable financial situation. This might involve making tough sacrifices and/or working extra hours, but it’ll be worth it in the end.
Here’s a look at the top financial regrets, along with advice to help make the problem a thing of the past.
1. Credit Card Debt
Credit card debt can easily creep up on you. Whether you need to swipe the plastic to pay an unplanned expense or get tempted by something fun — i.e., an expensive pair of shoes or a big screen TV — racking up unpaid balances adds up fast.
One-quarter (25.1%) of people ages 35 and up cite incurring credit card debt as their biggest regret of the decade. Slightly lower, 21.5% of people ages 18 to 34 share this sentiment.
How To Tackle Credit Card Debt
If you have credit card debt, you’re in good company. Consumer credit card debt reached a record-high of $829 billion in 2019, according to Experian. Additionally, retail credit card debt totaled a record-breaking $90 billion.
Now is the time to stop being weighed down by credit card debt. If you’re ready to take action, total up all of your balances, so you know where you stand. Then decide if you’d like to take the avalanche approach — paying the highest interest cards first — or the snowball approach — paying the lowest balance first.
Look at your spending to find ways to tighten your budget, so you have extra cash to put toward paying off credit card debt. You might even consider going cash-only for a while to keep balances down.
2. Student Loan Debt
To continue reading, please go to the original article here:
https://news.yahoo.com/americans-biggest-financial-regrets-decade-220013856.html
What Is a Probate Sale? – Estate Planning
.What Is a Probate Sale? – Estate Planning
Ashley Kilroy Mon, September 27, 2021,
More often than not, people want to leave their assets and property behind to people they care about when they pass. But sometimes individuals don’t make a will or die with debts. In such cases (among others), their property has to pass through a probate court. It’s possible that you may have to act as an executor of an estate holding one of these properties. Or, there may be an option for future homeowners who want to buy lower-priced real estate. Either way, you’ll have to understand the process of a probate sale. Here’s a rundown on how it works.
Working with a financial advisor can help you execute your estate plans as efficiently and correctly as possible.
What Is a Probate Sale? – Estate Planning
Ashley Kilroy Mon, September 27, 2021,
More often than not, people want to leave their assets and property behind to people they care about when they pass. But sometimes individuals don’t make a will or die with debts. In such cases (among others), their property has to pass through a probate court. It’s possible that you may have to act as an executor of an estate holding one of these properties. Or, there may be an option for future homeowners who want to buy lower-priced real estate. Either way, you’ll have to understand the process of a probate sale. Here’s a rundown on how it works.
Working with a financial advisor can help you execute your estate plans as efficiently and correctly as possible.
What Is a Probate Sale?
While many homeowners rely on estate planning to organize their assets, some pass without a will in place. This is also known as dying intestate. Or, they may die with debts in their name. In these cases, the decedent’s property enters a legal process called probate. A court oversees the sale of this property with the goal of selling it for the best price possible.
How Does a Probate Sale Work?
Just as how estate planning and foreclosure procedures vary by state, so does the probate process. Generally, though, the goal is to sell the property for the best price as is. Learning how the process works can help prepare you if you ever find yourself involved in one. It includes a number of steps:
Appointing an Executor of Estate
If the deceased didn’t leave a will, the court appoints an executor of estate. The executor, also called the estate representative, is typically the next of kin or another living relative of the decedent. They help get the decedent’s affairs in order and take care of the home’s sale.
Hire a Qualified Real Estate Agent
The executor of the estate doesn’t conduct the sale alone. He or she hires a real estate agent to support the process. While many real estate agents have enough knowledge for this, it’s recommended that the estate representative choose one with probate experience. That ensures everything moves along according to the proper procedure. A Certified Probate Real Estate Specialist (CPRES) agent would likely be the best choice.
Get an Appraisal
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/probate-sale-estate-planning-202256433.html
How Long Does Probate Take? – Estate Planning
How Long Does Probate Take? – Estate Planning
Ashley Kilroy Mon, September 27, 2021
If you own any property at all, you probably know about estate planning. You can decide what happens to your assets after you die, of course. But sometimes, people don’t pen a will or trust before they pass. Or, if they do, it’s not clear in its directions. They might even have debts that conflict with their wishes.
These situations can lead to probate, well-known for dragging on, though the actual length depends on several factors. Considering that an estate may require probate even if the deceased wrote a will, acquainting yourself with these factors is vital. Here’s an overview of the main things you need to understand about the probate process so you can be ready
A financial advisor can provide valuable guidance as you prepare for probate.
How Long Does Probate Take? – Estate Planning
Ashley Kilroy Mon, September 27, 2021
If you own any property at all, you probably know about estate planning. You can decide what happens to your assets after you die, of course. But sometimes, people don’t pen a will or trust before they pass. Or, if they do, it’s not clear in its directions. They might even have debts that conflict with their wishes.
These situations can lead to probate, well-known for dragging on, though the actual length depends on several factors. Considering that an estate may require probate even if the deceased wrote a will, acquainting yourself with these factors is vital. Here’s an overview of the main things you need to understand about the probate process so you can be ready
A financial advisor can provide valuable guidance as you prepare for probate.
What Is Probate?
Probate is a legal process wherein a court oversees the settlement of an estate after the owner passes. During it, the court figures out how to distribute assets to heirs. The court in this process will also authenticate your will, if you wrote one, and name an executor of estate to supervise the probate process. The executor of estate, or the estate representative, tends to be the decedent’s closest blood relation or another living relative.
How Does Probate Work?
Probate goes through a long list of procedures that depend on the state the decedent lived in and the type of estate he or she had.
The first thing the court does is authenticate the decedent’s last will and testament. Then it appoints an executor. Once again, this is likely someone related to the deceased individual who will ensure beneficiaries receive their inheritance and the sale of items. For example, if the deceased’s home needs to be sold through probate court, the executor works with the court and a real estate agent.
Next, the court locates and assesses all the property owned by the deceased. If there are any debts left behind, the court uses these assets to pay off the debts. Afterward, the court distributes the remaining estate to the heirs.
The court might need to go through this process if the deceased died intestate, with an unclear will or debts in their name.
The Duration of Probate
Probate takes time to ensure everything is dealt with and according to the law. As a result, it can take from a few months up to over a year. The long list of variables all contribute to the overall length. Probate changes based on the situation and where the estate is located. Here are some factors that influence how long it takes:
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/long-does-probate-estate-planning-172400295.html
A Number From Today and A Story About Tomorrow
.A Number From Today and A Story About Tomorrow
Sep 8, 2021 by Morgan Housel
Every forecast takes a number from today and multiplies it by a story about tomorrow.
Investment valuations, economic outlooks, political forecasts – they all follow that formula. Something we know multiplied by a story we like.
The trick when forecasting is realizing that’s what you’re doing. A few weeks before he died a reporter asked Franklin Roosevelt if the Yalta Conference negotiations near the end of World War II set the stage for permanent peace in Europe. “I can answer that question if you can tell me who your descendants will be in the year 2057,” Roosevelt said. “We can look as far ahead as humanity believes in this sort of thing.”
A Number From Today and A Story About Tomorrow
Sep 8, 2021 by Morgan Housel
Every forecast takes a number from today and multiplies it by a story about tomorrow.
Investment valuations, economic outlooks, political forecasts – they all follow that formula. Something we know multiplied by a story we like.
The trick when forecasting is realizing that’s what you’re doing. A few weeks before he died a reporter asked Franklin Roosevelt if the Yalta Conference negotiations near the end of World War II set the stage for permanent peace in Europe. “I can answer that question if you can tell me who your descendants will be in the year 2057,” Roosevelt said. “We can look as far ahead as humanity believes in this sort of thing.”
The deals hammered out in Yalta were the things we knew. How long they’d hold, how much they’d be adhered to, and what else could get in their way is just a story people told and believed in varying degrees. Anything that tries to forecast what people will do next work like that.
The hard thing is that while the number we know today can be something real and verified, the story we multiply it by is driven by what you want to believe will happen or what makes the most sense. Forecasters get into trouble when the number we know from today gives an impression that you’re being objective and data-driven when the story about tomorrow is so subject to opinion.
When valuing a company, revenue/cash flow/profits is the number we know. The earnings multiple you attach to that figure is just a story about future growth.
Same with economic trends. We have lots of data, but none of it means much until you attach a story to it about what you think it means and what you think people will do with it next.
That seems obvious to me. But ask forecasters if they think the majority of what they do is storytelling and you’ll get blank stares. At best. It never seems like storytelling when you’re basing a forecast in data.
And while data-driven storytelling doesn’t mean guessing, it doesn’t mean prophecy.
We can use historical data to assume a trend will continue, but that’s just a story we want to believe in a world where things change all the time.
We can use data to assume a crazy event will revert to the norm, but that’s also just a story in a world where unsustainable trends last longer than people think.
Few things escape that reality. B.H. Liddell Hart writes in the book Why Don’t We Learn From History?:
To continue reading, please go to the original article here:
Certificate of Trust: Estate Planning
.Certificate of Trust: Estate Planning
Mark Henricks Fri, September 24, 2021
When trusts are used as estate planning tools, financial institutions such as banks and brokerages may require written documentation of the trust’s existence before transferring assets into a trust or naming it as a beneficiary. However, they don’t need to see all the details of the trust, such as identities of the beneficiaries. When financial institutions need trust documentation, a signed and notarized certificate of trust can fulfill this requirement while keeping other information about the trust private.
A financial advisor can analyze your estate planning needs, including what documents you need. The certificate of trust’s primary job is to attest that the trustor actually has control of the assets being placed in the trust. The certificate of trust is a legal document that may also be called a trust certificate, memorandum of trust or abstract of trust.
Certificate of Trust: Estate Planning
Mark Henricks Fri, September 24, 2021
When trusts are used as estate planning tools, financial institutions such as banks and brokerages may require written documentation of the trust’s existence before transferring assets into a trust or naming it as a beneficiary. However, they don’t need to see all the details of the trust, such as identities of the beneficiaries. When financial institutions need trust documentation, a signed and notarized certificate of trust can fulfill this requirement while keeping other information about the trust private.
A financial advisor can analyze your estate planning needs, including what documents you need. The certificate of trust’s primary job is to attest that the trustor actually has control of the assets being placed in the trust. The certificate of trust is a legal document that may also be called a trust certificate, memorandum of trust or abstract of trust.
The trust certificate can be considered an outline or summary of the primary documents describing the trust. Trust documents can be complex and lengthy, more than 100 pages in some cases. The trust certificate is preferred as a concise and convenient way to give financial institutions the information they need while omitting the unnecessary details.
Filing a certificate of trust is often a one-time event. However, sometimes you may need to update a certificate of trust. This could be the case if the trust sells or acquires any real property. If a trustee dies, the trust certificate will need updating. If the trust has been altered since it was created, the trust certificate will provide the date the changes were made.
Trust Certificate Contents
There is no standard universal certificate of trust document or format. Most states have their own statutes describing the requirements for a valid trust certificate. However, generally, a certificate of trust will contain the following information:
Name of the trust
Name and address of the person creating the trust, known as the trustor, grantor or settlor. If more than one person, such as a married couple, are creating the trust, they should both be identified.
Identity and specific powers of the trustee - Date the trust was created - Legal description of any real estate included in the trust - Whether the trust is irrevocable or revocable - If revocable, who is able to revoke it - The trust’s tax identification number - Signatures of the trustors, including both members of a married couple - A stamp and signature of a notary
Depending on the state, the certificate may also have to have other information.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/certificate-trust-estate-planning-153906426.html
What Is a Financial Plan?
.What Is a Financial Plan?
Coryanne Hicks Thu, September 23,
A financial plan is the heart of the financial advising process. In a way, it's the map for your clients' money, there to guide them financially from where they are today to where they want to be. Without a plan, investors are just paddling in an open sea, hoping their direction and speed will be enough to get them to their destination.
Given the financial plan's importance to the planning process, advisors and clients alike must understand what a financial plan is and the key elements that make a good plan.
What Is a Financial Plan?
Coryanne Hicks Thu, September 23,
A financial plan is the heart of the financial advising process. In a way, it's the map for your clients' money, there to guide them financially from where they are today to where they want to be. Without a plan, investors are just paddling in an open sea, hoping their direction and speed will be enough to get them to their destination.
Given the financial plan's importance to the planning process, advisors and clients alike must understand what a financial plan is and the key elements that make a good plan.
What Is a Financial Plan?
A financial plan is a document that takes a holistic look at a client's entire financial picture and advises how to achieve financial goals, says Dan Keady, chief financial planning strategist at TIAA in Charlotte, North Carolina. It will incorporate your client's "needs, wants and wishes, while taking into account her comfort level with risk."
Financial plans are generally created using financial planning software and can incorporate many facets of planning. For instance, the retirement plan element often includes an analysis showing the impacts of taking money from different accounts, both qualified and nonqualified, for income and a comparison of the tax implications of each scenario, says Kelly Campbell, a certified financial planner and chairman and CEO of Campbell Wealth Management in Alexandria, Virginia.
"Many plans will also look at the required rate of return someone needs to achieve their goals," Campbell says. "This can give a good indication to someone as to how they should invest their portfolio."
[READ: 10 Best Financial Certifications]
Creating a Financial Plan
A financial plan requires the right elements to rise to its full potential. To create a good financial plan, be sure to include the following elements:
To continue reading, please go to the original article here:
Certificate of Trust: Estate Planning
.Certificate of Trust: Estate Planning
Mark Henricks Fri, September 24, 2021
When trusts are used as estate planning tools, financial institutions such as banks and brokerages may require written documentation of the trust’s existence before transferring assets into a trust or naming it as a beneficiary. However, they don’t need to see all the details of the trust, such as identities of the beneficiaries. When financial institutions need trust documentation, a signed and notarized certificate of trust can fulfill this requirement while keeping other information about the trust private.
A financial advisor can analyze your estate planning needs, including what documents you need. The certificate of trust’s primary job is to attest that the trustor actually has control of the assets being placed in the trust. The certificate of trust is a legal document that may also be called a trust certificate, memorandum of trust or abstract of trust.
Certificate of Trust: Estate Planning
Mark Henricks Fri, September 24, 2021
When trusts are used as estate planning tools, financial institutions such as banks and brokerages may require written documentation of the trust’s existence before transferring assets into a trust or naming it as a beneficiary. However, they don’t need to see all the details of the trust, such as identities of the beneficiaries. When financial institutions need trust documentation, a signed and notarized certificate of trust can fulfill this requirement while keeping other information about the trust private.
A financial advisor can analyze your estate planning needs, including what documents you need. The certificate of trust’s primary job is to attest that the trustor actually has control of the assets being placed in the trust. The certificate of trust is a legal document that may also be called a trust certificate, memorandum of trust or abstract of trust.
The trust certificate can be considered an outline or summary of the primary documents describing the trust. Trust documents can be complex and lengthy, more than 100 pages in some cases. The trust certificate is preferred as a concise and convenient way to give financial institutions the information they need while omitting the unnecessary details.
Filing a certificate of trust is often a one-time event. However, sometimes you may need to update a certificate of trust. This could be the case if the trust sells or acquires any real property. If a trustee dies, the trust certificate will need updating. If the trust has been altered since it was created, the trust certificate will provide the date the changes were made.
Trust Certificate Contents
There is no standard universal certificate of trust document or format. Most states have their own statutes describing the requirements for a valid trust certificate. However, generally, a certificate of trust will contain the following information:
Name of the trust
Name and address of the person creating the trust, known as the trustor, grantor or settlor. If more than one person, such as a married couple, are creating the trust, they should both be identified.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/certificate-trust-estate-planning-153906426.html