Revocable living trusts are one of the best estate planning tools available to most people. These trusts allow you great flexibility in not only selecting who receives your property after you die, but also in avoiding probate and reducing potential estate tax issues. However, there are specific laws which apply to creating and using a revocable living trust, and if you want to make changes to the trust after you make it, you must be sure to do so properly. Here's what you need to … [Read more...] about What if You Want to Change Your Living Trust
Trusts
Three Common Questions about Trust Administration
If you are at all familiar with trusts and estate planning then you have probably heard of a revocable living trust, which is also known as an inter vivos trust. A living trust can be a valuable tool both in life and in death; but, for many people, it is not always clear just how it operates and how it is administered. What is a revocable living trust? Basically, it is a set of directions that the creator of the trust gives to the trustee that detail how assets are to be managed while the … [Read more...] about Three Common Questions about Trust Administration
Basic Questions About Trusts
Question 1: What is a trust and how does it work? One way to think about a trust is as a kind of company that you create. This company has a specific purpose or objective that you can select. It will be run or managed by someone you choose, known as the trustee, and can own property just as a company can. It will also use that property for the benefit of other people that you name, known as the beneficiaries. There are, of course, significant differences between a trust and a business … [Read more...] about Basic Questions About Trusts
Looking into Some Types of Trusts
Trusts have become a very useful tool in the estate planning field; in fact, you may be considering one yourself. If you are considering establishing a trust, you should be aware of the different types that exist. Revocable inter vivos trust This is the most flexible of all the trusts. The usual setup for this type of trust involves the trustor (i.e., trust’s creator) transferring legal title to property to the trustee (i.e., person entrusted with looking after the property). The catch is … [Read more...] about Looking into Some Types of Trusts
A Living Trust Allows for Estate Privacy
Some people come to an estate planning attorney without really knowing anything at all about probate or the estate planning process. For many of these people it comes as a bit of a surprise to learn that if you create a will, that document will eventually become part of the public record. Anyone who wishes to read the will can do so simply by going to the courthouse where it was filed. The prospect that a perfect stranger could read your last will and testament doesn't sit well with a lot of … [Read more...] about A Living Trust Allows for Estate Privacy
Probate Basics: Some Considerations
Question 1: What is Probate? Probate is legal process through which a deceased person’s property must proceed before a new legal owner can be identified. Probate is designed to evaluate what a deceased person owned, as well as what kind of debts the person had. The property the person owned is used to pay off the debts, and anything left over is distributed to his or her inheritors. Question 2: Does all a Person’s Property go Through Probate? No. Some property is specifically exempt … [Read more...] about Probate Basics: Some Considerations
The Role of Trusts in Estate Planning
When it comes to estate planning, trusts can play a critical role in ensuring that your assets are distributed in the way you want. A trust is a legal arrangement that allows you to transfer your assets to a trustee, who manages them on behalf of your beneficiaries. Here's a closer look at the role of trusts in estate planning and how they can benefit you: In conclusion, trusts can play an important role in estate planning, and they offer a number of benefits for you and your … [Read more...] about The Role of Trusts in Estate Planning
Three Considerations When Deciding About Amending A Trust
Question 1: Can I change my revocable living trust? What about an irrevocable trust? Anyone who creates a revocable living trust, known as a trustor, can change the terms of that trust at any time as long as he or she is mentally capable. You cannot change the terms of your trust after you die by, for example, dictating the amendment through your last will and testament. Also, if you created the revocable living trust jointly with a spouse, both you and your spouse will have to agree to any … [Read more...] about Three Considerations When Deciding About Amending A Trust
Does Fido or Boots Need a Trust?
Do you know what your pets do when you are not around? If your dog or cat creates a mess when you are not at home, then of course you know about that. But, what about at other times? Pets have a life of their own and they exist when you are not around. That means that they will continue to exist after you pass away. Just like they still need food and water when you are not around now, your pets will need food and water when you pass away. You can provide for your pets after you pass away by … [Read more...] about Does Fido or Boots Need a Trust?
Don’t Fall For Do-It-Yourself Estate Plan Traps
There are some things that you can do for yourself with a little bit of information and perhaps the purchase of some specific tools or equipment. And of course there are other things that are best left to experienced and qualified professionals because in the end you may wind up losing more than you gain by trying to go it alone. Estate planning would fall into the latter category. There are websites out there willing to sell you generic template legal documents. The idea is that you simply … [Read more...] about Don’t Fall For Do-It-Yourself Estate Plan Traps
