When you create a trust, you need to elect a trustee to serve upon your death. This role is a very important role that can’t be filled by just anyone. To make sure you select the proper person, review the immediate duties and responsibilities of your trustee after your death. A trustee is responsible for locating all of your trust assets and protecting them. Your trustee must gather information regarding retirement accounts, annuities, and insurance policies that are given to your … [Read more...] about What Your Trustee Does Upon Your Death
When it comes to estate planning, understanding the various legalities can be overwhelming. There are so many dynamics that go into proper planning and shortcuts just aren’t an option. Vermont estate planning laws are intricately detailed, but they’re written in ways to protect both your assets and your surviving family members. Our estate planning attorneys stand ready to provide legal assistance, but we also understand that our clients like to conduct their own due diligence. It’s a proactive … [Read more...] about Understanding Joint Tenants with Rights of Survivorship
Even celebrities need estate planning. In this nonstop news cycle world there are fans that follow every move of a celebrity’s life. You probably found out soon after the fact that actor James Gandolfini had passed away. If this article is to be believed, Mr. Gandofini had updated his plans recently. Outside of the amount of money involved and the relative fame of the deceased, the structure of the estate seems somewhat commonplace. The majority of the actor’s wealth was left to his son from … [Read more...] about Even Celebrities Need Estate Planning
One of the simplest of estate planning tools is the payable on death account. You just need to complete some basic paperwork at your bank to name a beneficiary who will assume ownership of the account upon your death. A payable on death account remains fully in your control while you are living. You can withdraw any amount, up to and including closing the account. The beneficiary that you choose can only access the account after you have passed away and a death certificate has been … [Read more...] about What is a Payable on Death Account?
When you die, unless you have planned otherwise ahead of time, your estate will be settled through the legal system in the probate process. This is the administrative method of handling most of your assets that you leave behind when you die. Probate transfers your assets to others in what is hopefully an orderly process under supervision. Debts and taxes are paid first, then beneficiaries receive their inheritances. The probate process will happen whether you have a will or didn’t get around … [Read more...] about Probate Means an Orderly Transfer Process
Create a Plan You must create a comprehensive estate plan for children with special needs. A basic will is not enough to protect your children. Never use a DIY estate plan for special needs situations. Instead meet with a competent, experienced estate planning attorney who understands the complexity of these matters. An estate planning attorney can help you create a detailed plan that protects your special needs child and ensures your child receives his or her inheritance through a trust – … [Read more...] about Important Steps for Parents with Special Needs Children
There are numerous advantages to creating a trust. The biggest advantage is that you can save your loved ones the time and hassle associated with going through probate court. If your estate is subject to estate tax, having certain types of trusts can help lighten your liability – if not diminish it completely. There are some cases where trusts have more advantages then others, but it all depends on your family and financial situation. Probate Court One advantage of a trust is that your … [Read more...] about Advantages of Using a Trust
A special needs trust is a must have for families of special needs adults. As a parent, you understand as well as anyone the time and money required to provide for individuals with special needs and at some point, you will not be there to give this help. An important aspect of special needs planning is the power of attorney. You should establish this legal recognition as soon as the person achieves adulthood and as always name successors in your paperwork. Power of attorney can be for … [Read more...] about A Special Needs Trust is a Must Have
If you have created and funded a revocable living trust, you need to continually add assets into that trust to keep them protected. If, however, you don’t include all of your assets, there are a few things that could happen to the assets left out. Probate Court Any assets not given to your trust when you die will automatically go through probate court. The probate court judge will have to determine where those assets are distributed, unless you have otherwise specified in your … [Read more...] about What Happens to the Assets I Left Out of My Trust?
Those who own property might want to consider talking to a professional legal expert about issues involved in establishing a trust. Trust Administration is a critical component in this aspect of Estate Planning. Splitting Ownership A trust can split ownership of legal property. This applies to either real or personal property. The creator of the trust defines how assets are to be distributed and who benefits during his or her lifetime. After death, then the person responsible for Trust … [Read more...] about Establish a Trust to Protect Property Assets