As we all try to stay above water in the current economy, we’re looking for ways to save money and some prospective clients have asked: “Is a revocable living trust worth the money?” Only you can decide for yourself. There is no right or wrong answer. It is more expensive to set up a revocable living trust than to create a simple will. But, what does a simple will do? Not much. At least not much when compared to a trust. Don’t get me wrong, a will is imperative. Everyone age 18 or older … [Read more...] about Is a Revocable Living Trust Worth the Money?
What are Trusts?
Trusts are legal tools to used in estate planning. They give instructions on what should happen, how it should happen, and when it should happen. It may be helpful to think of a trust as a “legal instruction book.” Each trust has a “Trustor” or “Grantor”, the person who sets up and funds the trust; a “Trustee,” the person who legally holds title to the trust assets and is in charge of carrying out the instructions in the trust; and the beneficiaries who receive trust assets according to the … [Read more...] about What are Trusts?
Behind Every Good Trust, There is a Good….
The Revocable Living Trust is dynamite! Most folks benefit from having a trust and they seem to work magic, avoiding probate, providing disability planning, keeping you in control, and providing asset protection for your beneficiaries’ inheritances. However, no good trust acts alone. There are supporting documents that work in conjunction with and help the trust do its work. For example: Bill of Sale The bill of sale is a legal document used to transfer your tangible personal property into … [Read more...] about Behind Every Good Trust, There is a Good….
Benefits of a Revocable Living Trust
A revocable living trust is a legal document that gives instructions to your trusted helpers on how to handle certain matters when you are disabled or die. It is an estate planning document that speaks for you when you are unable to make decisions. There are many benefits to having a revocable living trust: You can have full control. If you want to have control of your assets, a revocable living trust is a great option. When you are alive and well, you are always able to make changes to … [Read more...] about Benefits of a Revocable Living Trust
FAQ: Revocable Living Trust
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
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?
Why You Should Put Assets in Trust for Your Children
At one time, many people believed that leaving your assets in trust for your children was trying to maintain control from the grave. This attitude has shifted as more people have realized that a trust may be necessary to protect one’s children and grandchildren. Sometimes, it may be in a child’s best interest to not have complete access to the inheritance that was left to them. Here are a few reasons why you might want to consider putting your children’s inheritance into a trust: One of the … [Read more...] about Why You Should Put Assets in Trust for Your Children
