There are different types of trusts that can be used to satisfy various respective objectives. When it comes to the question of whether you can dissolve a trust, the answer is yes and no, and we will provide clarity here. Irrevocable Trusts There is a legal concept called “incidents of ownership” that is the dividing line between the different types of trusts. Losing ownership of assets does not sound like a good thing, but under some circumstances, it can be beneficial. You do in fact … [Read more...] about Can You Dissolve a Trust?
A lot of people harbor misconceptions about trusts, and one of them is the idea that it is very complicated to administer a trust. They think that the administration process is much simpler if you use a will, but this is not the case. When a will is used, it will be admitted to probate after the death of the testator, and the court would supervise during the administration process. It will usually take eight months to a year for probate to run its course, and no inheritances are distributed … [Read more...] about Trust Administration Demystified
According to a recent survey, most people without estate plans think that it is important, and they know they should take action. Many of them procrastinate because they don’t know how to proceed. With this in mind, let’s look at five questions you can consider to jumpstart your estate planning efforts. Are you concerned about the money management capabilities of your heirs? It can be disconcerting to leave a significant inheritance to someone that is inexperienced or irresponsible with … [Read more...] about Consider These Five Estate Planning Questions
There is a legal process that can enter the picture when assets are being transferred after someone dies. The probate court presides over these matters, and you should know a bit about it when you are making inheritance planning decisions. With this in mind, we are going to share five important pieces of information about probate in this post. Wills Must Be Probated If you express your final wishes in a last will, you would name an executor in the document to act as the administrator. The … [Read more...] about Five Things to Know About Probate
Before we address the subject that serves as the title of this post, we will provide some general information about living trusts. When you understand the benefits, you will see why a living trust may be the ideal centerpiece of your estate plan. Asset Consolidation for Streamlined Estate Administration When a will is used, the executor that is named in the document would be forced to identify and inventory the assets that comprise the estate. Since there is no consolidation of the assets, … [Read more...] about Do You Need a Will With Your Living Trust?
They say that a little bit of information is a dangerous thing, and this often enters the picture when it comes to estate planning. People hear about simple approaches that sound like they would be effective on the surface, and but they don’t fully understand the potential consequences. In this post, we will look at some of these simple solutions that can get quite complicated, but we will start with a bit of background information. Probate Process When a will is used to direct postmortem … [Read more...] about “Simple” Estate Planning Solutions Can Get Complicated
The simple will is the most commonly used estate planning document, but a lot of people that use them overlook better options. In this post, we will provide an overview so you can make informed decisions when you are planning your estate. Asset Transfers and Guardian Designation The simple will essentially serves two different functions. You use the document to state your final wishes with regard to the distribution of your assets after you are gone. If you are the parent of a dependent child, … [Read more...] about Things You Need to Know About Simple Wills
We are going to provide some information about the Uniform Probate Code (UPC) in this post, but before we do, we should share some general information about probate. You have heard about family court, criminal court, and other courts that handle certain types of cases. The probate court has jurisdiction over estate matters and guardianship proceedings. When you hear the term “guardianship,” you may think about guardians for minor children. This is one form of guardianship, but guardians … [Read more...] about Does Vermont Use the Uniform Probate Code?
If you were to die without any estate planning documents at all, the condition of intestacy would exist. In this post, we will explain the way that intestate estates are handled. When you learn all the facts, you will see why you should take action to prevent intestacy. Probate The probate court will provide supervision during intestate estate administration. It should be noted that a will would also go through probate, but this is a subject we will cover in another post. Someone has to … [Read more...] about Who Inherits Assets When There Is No Will?
We closely monitor the Medicaid parameters because many seniors will rely on this program to preserve their legacies. Why is Medicaid relevant to people that will qualify for Medicare as a source of health insurance? Most seniors will need help with their activities of daily living, and more than one third of them will require nursing home care. You can expect to pay well over $100,000 for a year in a Burlington area nursing home, and Medicare does not cover the custodial care they … [Read more...] about Medicaid Spouse Allowances Will Rise in 2021