Joint Tenants with Rights of Survivorship vs. Tenants in Common

There’s a common saying that it’s the little things that make the biggest difference. That is clearly illustrated in this discussion of “tenants in common” and “joint tenants with rights of survivorship.”

What are tenants in common (TIC) and joint tenants with rights of survivorship (JTWROS), and when do they apply?

When two or more people own a property or asset, such as a stock, each individual owns a share (or interest) of the whole, either as joint tenants or tenants in common. 

Legal Considerations for Retirement Part 7: My Assets

In the previous parts of this blog series, the overarching theme has been protecting your assets. In this, the final part, of the blog series, we will answer a few more questions about your assets, namely whether your heirs will have to pay taxes on your assets and how you can protect your assets from a nursing home. With these questions answered, entering retirement is not as worrisome as it seems.

Legal Considerations for Retirement Part 6: Do I Need an Attorney?

Before retirement, you should consider many important things. In the previous part of this blog series, we discussed power of attorney. In this part of the blog series, we will discuss if you need an attorney to file for social security benefits and what to do if you’re denied.

Do I need an attorney in order to file for social security retirement benefits?

You do not need an attorney in order to file for social security retirement benefits¹, although you may find it helpful. You can file for social security benefits on your own. However, you may want to contact your financial planner when you apply for social security benefits. Although you can file on your own, the guidance of a financial planner² is often useful.

Legal Considerations for Retirement Part 5: Power of Attorney

In the previous part of this blog series, we discussed the importance of a living will. When you have a living will, you will need to give someone power of attorney. In this part of the blog series, we will discuss power of attorney and what happens if you don’t have it.

What is Power of Attorney?

Giving someone power of attorney¹ is a very important decision. Power of attorney gives another person the ability to make legal decisions on your behalf. If you become ill and incapacitated, then you may consider granting power of attorney to a spouse, adult child, sibling, parent or close friend. The person granted power of attorney has the legal right to make many important decisions including financial decisions, gifts of money, healthcare decisions and recommending a guardian for your children. Since someone granted power of attorney has the legal authority to make your financial and health decisions, you should choose someone that you trust. It is especially important to choose someone you can rely on because power of attorney is not regulated by the court system, which means it could be easy for someone to abuse this power. 

Legal Considerations for Retirement Part 4: Living Will

There are many options out there for retirement planning. In the previous parts of this 7 part blog series, we discussed last wills and revocable living trusts. In this part, we will discuss living wills and what you need to know when you create one.

What is a living will?

When creating a living will, you should know a few important things. A living will is commonly known as an “advance health care directive.”¹ It is a legally binding document that states your preferences for medical treatment if you are unable to express these wishes. A living will gives healthcare professionals direction when they are giving you treatment. For example, if you write in your living will that you do not want to be intubated, then it is against the law for a doctor to do so. Also, a living will is only effective in the state that you live in. For example, if you live in Pennsylvania and draft a living will, then a hospital in New Jersey does not legally have to follow the will.

Legal Considerations for Retirement Part 3: Revocable Living Trusts

Navigating the legal considerations of retirement can be very complex. In part 2 of this 7 part blog series, we discussed last wills. Now, in part 3 of this series, we’ll discuss how you can be sure your assets go to your loved ones with a revocable living trust¹ and what happens if you die without a living trust or last will.

What is a revocable living trust?

A revocable living trust is a way for you to leave money for your loved ones. It allows you to have some control over your money, even after you have passed away². A revocable living trust is a substitute for a will, as it also provides for the distribution of your wealth after you pass away. However, unlike a will, you can distribute your assets while you are still alive.

Legal Considerations for Retirement Part 2: The Last Will

As more Americans enter retirement, many are navigating the tricky financial and legal paths ahead. When it comes to planning your retirement, a last will is exceedingly important. In this, part 2 of a 7 part blog series, we will discuss why you need a last will.¹

Why do I need a last will?

As discussed in the previous blog post (link to part 1), a last will is the document you use to allocate your resources to your beneficiaries after you have passed on. A last will helps you decide who will receive which assets and how much they will receive. If you do not have a last will, then the state will distribute your assets² to your relatives after your death.