Some of my prior posts have references to trusts. However, I have yet to give a basic explanation of how they work. Hopefully, this post will give those without experience with trusts some basic knowledge. One key feature of a trust is the division of the benefits and burdens property ownership. For example, trusts are often used when children inherit large sums of money and someone thinks it's unwise to allow a 13 year old to immediately use the money as they deem fit.
Read MoreSetting up, or even just updating, your estate plan will never be first on your to-do list when coming home with a new child. There are far too many things to do and there is never enough time to do them. Whenever you get a moment of downtime, you're likely going to want to spend it catching up on sleep and not thinking about the doom and gloom scenarios that make estate planning necessary for your family. The good news is estate planning does not have to be a difficult process and with a small investment of time and money you can have an estate plan that gives you peace of mind.
Read MoreThe family camp is an important piece of many Maine families. However, the family camp experience is not limited to just campfires, swimming and relaxing. There are a wide variety of legal issues that can come with owning a piece of real estate with others. Two major issues will almost be guaranteed to come up at one time or another. First, who is going to be responsible for the burdens of ownership? Second, how are the benefits of owning a family camp going to be divided? Often these issues need to be considered while hoping to follow the wishes of the past generation that hoped to keep the property in the family for years to come.
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