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Sample Letter to the Trustee of a Child's Trust By Melinda Gustafson Gervasi October 22, 2021 Today I dip into my own files to share the sample letter I give to all of my clients who have opted to create a testamentary trust for their children.  What is a testamentary trust?  It is a will that allows a parent to appoint the Personal Representative (known as an Executor in other states), a Guardian for a minor child, distribute their probate assets, and includes the recipe for a trust to be created if both parents die.   This is a way to transfer your assets into a trust if you die, managed by a trustworthy trustee you appoint, until an age you set for the children to reach before taking control of the money themselves.  Children can request funds from the trustee for expenses, but the trust has to agree to the expenditure.  Providing guidance to that trustee on what you think should be paid for is crucial when making this trust the most useful if you die be...

5 Overlooked Items to Include with your Estate Plan By Melinda Gustafson Gervasi October 11, 2021 Estate planning is the act of taking control of paperwork related to illness, death and taxes.  The obvious documents include things such as a power of attorney for health care, durable power of attorney for finances, beneficiary forms, a will, and sometimes a trust.  If you are looking to have an well organized plan that offers easy access to documents to ease the burden of your final affairs on your loved ones, consider including the following with these otherwise obvious documents: Copy of your state and federal income taxes for the past 3 - 5 years.  The include information on your accountant and assets that generated a loss or gain that may not otherwise be found; Deed to your home, cabin, or other real estate.  The deed will be needed at some point during the handling for your affairs, and finding it now allows you to review the wording to confirm it says what you ...

16 Lessons Learned: Estate Planning & Probate Practice By Melinda Gustafson Gervasi October 1, 2021 Today my practice is old enough to have its own driver's license -- #16!  Since 2005 I have been fortunate to counsel clients in my hometown of Madison, Wisconsin on issues related to estate planning and probate.  Today I pause to share 16 lessons I have learned while navigating my practice: People often need a push to make the call to get on an attorney's calendar to complete an estate plan.  International travel and the arrival of a baby used to be the biggest nudges, then COVID 19 arrived to spur record numbers of people to take action and make a plan; It is immensely easier to make decisions about who will do what and where assets will go when you are NOT also dealing with a severe illness.  Don't wait to plan until you have a stage 4 cancer diagnosis.  Sadly, it is the number one thing to prompt clients to call; The type of estate planning vehicle (will v...