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Bank of America refused to honor a Florida man’s power of attorney and paid a stiff price, but the case also raises the issue of the proper use of joint bank accounts in estate planning.

Revocable trusts are an effective way to avoid probate and provide for asset management in the event of incapacity as well as achieve many other goals, including tax, long-term care, and asset-protection planning. 

While estate planning is important for married couples, it is arguably even more necessary for couples that live together without getting married. 

There are many unknowns when planning an estate, but you can’t let the uncertainties get in the way of creating any kind of plan. Having an imperfect plan is usually better than having no plan at all. 

Is having an out-of-date will better than having no will at all?  While wills do not have expiration dates, certain changes can render them useless.

Allocating your personal possessions can be one of the most difficult tasks when creating an estate plan. To avoid family feuds after you are gone, it is important to have a plan and make your wishes clear.  

Being appointed guardian of a loved one is a serious responsibility. As guardian, you are in charge of your loved one’s well-being and you have a duty to act in his or her best interest.  

Before you commit to adding a trust to your estate plan, make sure you understand the differences between revocable (also called “living”) and irrevocable trusts because each offers advantages and disadvantages, depending on their purpose.