Feb132009

Custodial Account—Uniform Gift/Transfer to Minors Act

Estate, Tax

For a minor to own investments in his or her own name, a custodial account must be used. A custodial account is established through the Uniform Gift/Transfer to Minors Act and allows a custodian to control a savings account until the child reaches the age of majority, when the account becomes the sole possession of the child. For more information about custodial accounts and to learn about some the advantages and disadvantages, read this Financial Strategy.

Jan22009

The Probate Process

Estate

When dealing with the validity of a Last Will and Testament, cases such as these go to the Probate Court. Assets involved can be divided into probate and non-probate assets. For more information on the probate process and to determine which type of property you may be dealing with, read this Financial Strategy.

Dec52008

The Living Will

Estate

A Living Will is a document that expresses a person’s desires and preferences about medical treatment in case he or she becomes unable to make their own decisions. The difference between a Living Will and a Will is that a Will takes effect upon a person’s death, while a Living Will is used to protect assets that could be drained for medical expenses. For more on Living Wills, their benefits and the rules regarding their use, read this Financial Strategy.