Before we take a deep dive into trust administration and the importance of legal counsel, we should provide a basic overview about the value of living trusts. Many people assume that a last will is the right choice as an asset transfer vehicle. However, when you hear the facts, you may decide that a living trust is actually the better option. We will examine the benefits of living trusts in another blog post so we will keep it succinct here. When the assets that will comprise your estate are … [Read more...] about A Trust Administration Attorney Can Provide Clarity
When you are planning your estate, you have different options with regard to the legal device or devices that you use to facilitate the transfer of assets. One option is a last will, but you may want to consider a revocable living trust as an alternative. Let's look at the value of a living trust, and we will also pass along some useful information about the trust administration process. Why Use a Living Trust? The process of probate is something to be aware of when you are planning your … [Read more...] about Trust Administration: Foresight Prevents Future Problems
Revocable living trusts are very useful for a broad spectrum of individuals. You do not have to be rich to benefit from the creation of a living trust as a vehicle of asset transfer. Many people assume that a last will is the only way to go because they feel as though a will is the simplest estate planning document. In reality, things can get rather complicated when you utilize a will to state your final wishes. The executor of the estate is the person who would handle the estate … [Read more...] about Trust Administration: The Turnkey Approach
You have control over the things that will take place after you pass away with regard to the nature of asset distributions to your loved ones. It is also possible to make sure that the resources that you are passing along are professionally managed. A lot of people think that a last will is the only way to go, because they are not super wealthy. There are certain types of trusts that are used by high net worth people who are exposed to the federal estate tax, but there are other types of … [Read more...] about Trust Administration: Avoid Future Problems
Northern Kentucky estate planning lawyers will often advise clients to consider creating a revocable living trust rather than relying on a last will to serve as a primary vehicle of asset transfer. There are a few reasons why these trusts may be preferable, but the benefit that most people seek from them is the ability to transfer assets to their loved ones outside of the probate process. Probate is a process that takes place under the auspices of the probate court. There can be significant … [Read more...] about How Are Trusts Administered?
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?
When a loved one dies, you will likely feel overwhelmed, sad, and stressed. You may feel angry and scared as well. All of these emotions are completely natural. Your mind will likely start spinning and you wonder what you should do next. The smallest task may seem insurmountable. Know that you will get through it and that there is no emergency, meaning that you don’t have to get everything done right away. Also, important to remember is that there are many people who will help you. Who to … [Read more...] about Who to Call When a Loved One Dies
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?