If you are contemplating the addition of a trust to your estate plan, there are some common mistakes you want to avoid making, such as failing to name a successor Trustee. For those who are not familiar with how a trust is administered, the Essex Junction trust attorneys at Unsworth LaPlante, PLLC explain why you should name a successor Trustee when you create a trust. Trust Basics First, it is important to have a firm understanding of what a trust is and how a trust works. A trust is a … [Read more...] about Do I Need to Name a Successor Trustee When I Create a Trust?
Once your estate plan moves beyond the basics, there is a good chance you will decide to incorporate a trust into your overall plan to help achieve one of your many estate planning goals. You may, however, decide you need to make changes to your trust agreement at some point down the road. The Essex Junction trust attorneys at Unsworth LaPlante, PLLC explain when and how you can modify a trust agreement. Trust Fundamentals All trusts fit into one of two categories – testamentary or living … [Read more...] about Can I Modify My Trust Agreement?
Whether you are a new parent or the parent of adult children, you likely want to protect the inheritance you intend to leave to your children. Establishing a trust is the most popular way to accomplish this common goal. To help you avoid making common mistakes, the Essex Junction trust attorneys at Unsworth LaPlante, PLLC discuss common mistakes parents make when establishing a trust for their children. Providing your Trustee with too little discretion. It can be difficult to anticipate all … [Read more...] about Common Mistakes Parents Make When Establishing a Trust
Most people incorporate a variety of tools and strategies into their estate plan to ensure that they achieve all their estate planning goals. A trust is among the most common of those tools. Given the complexity of a trust agreement, you should always work with an experienced estate planning attorney when creating a trust to avoid making common mistakes. To help you better understand, the Essex Junction trust attorneys at Unsworth LaPlante, PLLC discuss trust creation mistakes you should try to … [Read more...] about Trust Creation Mistakes to Avoid
At some point, you will likely need to add to your estate plan to ensure that your plan will achieve your ever-expanding list of estate planning goals. One of the tools you may choose to incorporate into your estate plan is a trust. Trusts have become increasingly popular, due in large part to the flexible nature of a trust. When creating your trust, you should focus on how the trust will be administered. This starts with your choice of Trustee. You will also need to decide how much discretion … [Read more...] about Trustee Discretion – How to Avoid Too Much or Too Little
Although a Last Will and Testament remains the common addition to any estate plan, another very popular estate planning tool is a trust agreement. If you choose to include a trust in your comprehensive estate plan you will need to appoint a Trustee to administer the trust. An Essex Junction trust attorney at Unsworth LaPlante, PLLC offers some suggestions for how to choose the right Trustee for your trust. Trust Basics A trust is a separate legal entity that owns and holds property for the … [Read more...] about How Do I Choose the Right Trustee?
A living trust is a common addition to the average estate plan. If you are contemplating the creation of a living trust, you will need to decide if your trust will be a revocable living trust or an irrevocable living trust. As the name implies, an irrevocable living trust is one that cannot be modified or revoked by the Settlor once the trust is established. You may be wondering why you would want to make your trust irrevocable. The Essex Junction trust attorneys at Unsworth LaPlante, PLLC … [Read more...] about When Is an Irrevocable Trust the Best Choice?