Trusts have been used for centuries and revocable living trusts have become more and more popular ever since the 1970s. They are commonly used in foundational estate planning and have many benefits. Here are answers to some frequently-asked estate planning questions. When is a revocable living trust effective? Your trust will be effective the moment you sign it. It has both lifetime and after death benefits. My sister has a trust. Is it a revocable living trust? If your sister has a … [Read more...] about FAQ: Revocable Living Trust
Why Your Will Won’t Work!
Your will won’t work. If you’re like most people, this is a bold and confusing statement. You know that everyone needs a will, but what’s the point in having one if it doesn’t work? Why won’t your will work? Your will won’t work the way you want because it doesn’t control most property. 1. Tangible personal property The term, “tangible personal property,” refers to what you call your “stuff.” It is your personal property such as your furniture, clothing, jewelry, art, and tools. It is … [Read more...] about Why Your Will Won’t Work!
4 More Things Your Estate Plan Can Do (Part Two)
If you’re like most people, you know that you need some sort of estate plan, but aren’t completely sure why. Here are 4 more things your estate plan can do. 1. Help a favorite cause Charitable planning is an important part of estate planning. It is a way of leaving your legacy or making your mark on the world. Helping a favorite cause may be as simple as making provisions for a $1,000 gift or bequest to your community library or as complex as establishing a private family foundation that … [Read more...] about 4 More Things Your Estate Plan Can Do (Part Two)
4 Things Your Estate Plan Can Do (Part One)
If you’re like most people, you know that you need some sort of estate plan, but aren’t completely sure why. Here are 4 things your estate plan can do for you: 1. Plan for your disability If you become disabled during your lifetime, your estate plan will provide the authority and instruction for your trusted helpers (your trustee or agent) to act on your behalf. Your financial power of attorney, medical power of attorney, and revocable living trust all contain disability provisions. 2. … [Read more...] about 4 Things Your Estate Plan Can Do (Part One)
The First 4 Steps of Estate Planning
Estate planning may seem difficult or complicated if you haven’t done it before. But, estate planning attorneys are specially trained to gently walk you through the estate planning process, helping you to set goals and make important choices. Here are the first 4 steps in estate planning: 1. Hire an estate planning attorney. This is no time to be messing around with Legal Zoom and the like. Estate planning is a complicated area of law and making a mistake or missing an opportunity could … [Read more...] about The First 4 Steps of Estate Planning
What is Trust Settlement?
If you’re like most people, you’ve heard the term “estate administration,” but may not be familiar with the term “trust settlement.” Trust settlement is similar to estate administration, but not the same. Both terms refer to wrapping things up after a death. Here is some information to help you understand trust settlement. Who’s in charge of trust settlement? The trusted family member, friend, or professional that you named as trustee of your trust is in charge and holds legal title to … [Read more...] about What is Trust Settlement?
Small Estates and Probate
Many people are determined to take steps so that their estate will avoid probate when they die, and while this can be very helpful for some, it is important to realize that probate for a small estate may not be that big of a problem. The real dilemma will be in determining what would constitute a small estate. A small estate is basically any estate with assets subject to probate that are less than $15,000 (in Kentucky), though this amount can vary by state. Assets such as life insurance … [Read more...] about Small Estates and Probate
I’ve Moved: Do I Need to Update My Estate Planning Documents?
If you’re like most people who have recently moved, you’re thinking about all the things you need to change and update. There are new bank accounts, new grocery store memberships, and, yes, new estate planning documents. Intra-state move If you’ve moved intra-state, meaning that you moved within the same state where your current estate planning documents were executed, it is prudent to update your estate plan if your current plan is more than three to five years old. This is also an … [Read more...] about I’ve Moved: Do I Need to Update My Estate Planning Documents?
An Estate Plan For Your Unique Situation
Everyone’s personal and financial situation is different, which is why every estate plan is different. Your plan will depend on what you hope to achieve with your estate plan, as well as your family and financial circumstances. In some cases, people don’t know if they even need an estate plan. Although this may come down to personal preference, there are some cases when you will certainly want some type of estate plan in place, no matter how much money you have. Children – If you have children … [Read more...] about An Estate Plan For Your Unique Situation
A Plan to Protect Your Children
Although having a will is extremely important to protect your children in case something should happen to you, this is only one element of a complete plan. Anything could happen to you or your spouse; many things can happen that would put your children in jeopardy. You could have an auto accident while your spouse is out of town; you and your spouse could be in an accident at the same time, etc. Everyone wants to live to see their grandchildren grow up but tragedies do happen, and to protect … [Read more...] about A Plan to Protect Your Children
