A revocable living trust is a very versatile estate planning device that can be the right choice for many people. The first thing that you should know about this type of trust is that you do not have to be extremely wealthy to reap the benefits. When you convey property into a living trust, you are making the trust the owner of the property, but you would essentially be the trust in a figurative sense. You would continue to control and access the resources as usual. The idea is to use the … [Read more...] about Choose Your Living Trust Trustee Carefully
When you start to explore your options with regard to estate planning devices, you may come to the conclusion that a living trust is the ideal centerpiece. There are a number of different benefits if you go this direction, and one of them is the avoidance of probate. If you use a will to state your final wishes, the executor would admit the will to probate, and the court would determine its validity. Going forward, the executor would handle the estate administration tasks under the … [Read more...] about Who Will Administer Your Living Trust?
Estate planning is sometimes viewed as an exercise in document creation. You simply express your wishes in writing and that’s the end of the story. It is certainly important to create a will or a trust to serve as the centerpiece of your estate plan with regard to leaving behind instructions. At the same time, you should be well aware of the estate administration tasks that must be completed after you are gone to bring your wishes to fruition. The Role of the Executor If you use a will as … [Read more...] about Estate Administration 101
If you were going on a trip somewhere and someone was going to be watching your home, you would make sure that they were prepared for everything that could occur. You wouldn’t simply give them the keys and hope that the rest falls into place. This is the mentality that you should apply to your inheritance planning efforts as well. It is important to ask yourself how your wishes will come to fruition after you are gone. Clearly, you state them in a legally binding document like a last will or … [Read more...] about Inheritance Planning: See the Entire Picture
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 find out about some of the drawbacks that come with using a last will as the centerpiece of your estate plan, you may be interested in an alternative. For many, the legal device called a revocable living trust will be a better choice. Contrary to popular belief, you don’t have to be extremely wealthy to benefit from this type of trust. There are other trusts that can be utilized, and we will look at them in future blog posts. In this piece, we will examine the trust administration … [Read more...] about Trust Administration and the Role of the Trustee