The revocable living trust is very effective estate planning device, and a lot of people are aware of the two major benefits. If you have a living trust, the administration would not be subject to probate. This is a costly and time-consuming legal process that is a public proceeding. Anyone that wants to access the records can find out how the assets were distributed, so there is a loss of privacy. Another widely publicized benefit is the ability to protect a spendthrift beneficiary. The … [Read more...] about These Living Trust Benefits May Be Overlooked
A lot of people think that estate planning is something that you do not have to think about until you are a senior citizen. In fact, according to a survey that was conducted by Caring.com this year, 67 percent of adults do not have estate plans in place. Surprisingly, only 44 percent of individuals that are 55 years of age and older have wills or trusts, but the numbers are far worse for millennials. This is disturbing because estate planning is important for all responsible adults. Young … [Read more...] about Yes, Millennials Need Estate Plans
When you discuss your options with an estate planning attorney, you will learn about the revocable living trust. This device is a popular alternative to a simple will because it provides benefits that are simply not there when a will is utilized. Estate Administration The executor that is named in a will would admit the document to probate, and the court would provide supervision during the administration phase. Creditors must be notified about the passing of the decedent, and they are … [Read more...] about Legal Assistance Is Invaluable During the Trust Administration Phase
If you put your estate plan in place as a stopgap measure without giving it a lot of thought, you may have overlooked some important details. With this in mind, we will look at some of the elements that are often omitted in this post. Letter of Final Instructions Let’s say you are going on vacation and you ask your sister to take care of some things around your home while you are gone. You would not leave her a to-do list without providing instructions so she can find the things that she will … [Read more...] about Are There Gaps in Your Estate Plan?
When you do not know where to begin, estate planning can seem like an intimidating subject. This is understandable, because you are stepping into the great unknown as a layperson with a limited understanding of the process. In this post, we will provide some tips that will help you understand how to take the right steps to protect your loved ones. Don’t fall into a cycle of procrastination. You may put estate planning on the back burner because you simply do not know where to begin, and you … [Read more...] about These Estate Planning Tips Will Help You Protect Your Family
A living trust is a very effective estate planning device that is ideal for many people because of the across-the-board advantages. One of the benefits is the fact that you maintain control of the resources while you are alive and well, because you retain the right revocation and you can act as the trustee. On the other hand, since you retain incidents of ownership in this manner, the assets would be part of your estate for tax purposes, and they would be available to litigants if you are … [Read more...] about What Happens to Assets Not Included in Your Living Trust?
Most adults in the United States do not have estate plans in place, and when they do take some type of action, it is often hastily done and incomplete. Yes, you have to the state your final wishes in writing, but you should also consider the hands-on tasks that must be completed after you are gone. Attention to detail is key, and we provide some insight in this post. Administration of a Will If you use a will as your asset transfer vehicle, you would name an executor to act as the … [Read more...] about Facilitate a Smooth Estate Administration Process
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 that do not have estate plans fail to take action because they do not have a significant store of resources to pass along. If you are single and no one is depending on you, this is understandable, but there are reasons why everyone should have a plan in place. This being stated, if you are married, an income replacement vehicle is a must. The necessity is magnified if you have children, and life insurance can fit the bill. Term Life Insurance One of the two most commonly … [Read more...] about An Overview of Estate Planning With Life Insurance
There is no one-size-fits-all estate plan that is right for everyone, but the differences are related to the asset transfer methods that can be used. Aside from that, there is a basic framework that is universal, and it boils down to the execution of five core documents. Asset Transfers The flexible portion is the asset transfer component. Obviously, you can state your final wishes in a simple will, but there are drawbacks and limitations. One of them is the fact that a will is admitted to … [Read more...] about Five Must-Have Estate Planning Documents