As our Florence elder law attorneys have seen, many pet owners believe they can simply leave money behind for their pets in their wills. While they may have good intentions, you simply cannot include your pet in your will and expect that they will be cared for. The reason is that a pet is considered property, just like a car or jewelry, and so, a pet cannot "inherit" money from you through your will. Ultimately, no matter how detailed your will may be with regard to your pet, you are not … [Read more...] about Senior Pet Owners Should Consider Creating a Pet Trust
A legal matter can sometimes seem like an exercise in paper shuffling, and this mentality is often applied to the subject of inheritance planning. However, the estate planning process can be complex so let our Ashland estate planning lawyers help you get started now. Estate planning is unique so it takes time Each family is different, so there is no one-size-fits-all estate plan that will be perfect for everyone. There are those who assume that you can simply draw up a quick last will, toward … [Read more...] about When Should I Start My Estate Planning?
You may be familiar with the many different types of trusts available to use in your estate plan. One of those trusts, the testamentary trust, is the type of trust that only goes into effect after your death. A testamentary trust is really the opposite of a living trust, which becomes effective when you create it and continues to operate during your lifetime. If you are considering which type of trust to use our estate planning attorneys can answer questions and help you make the right … [Read more...] about Estate Planning Attorneys Explain the Benefits of Testamentary Trusts
Many tools are available to craft an Estate Plan that meets your needs. One of the most flexible tools in Estate Planning is the Living Trust. A Living Trust is a legal tool that ensures that your estate will take care of an heir or heirs in a very specific manner, according to your wishes. Examples include: A trust fund for a minor, with disbursements over time – a schedule that you set up A fund for a special needs or disabled person, especially one who may need special care for a long … [Read more...] about Living Trust Options Allow Flexibility, Protection and Probate Avoidance
We all know what a Will is: a person states his wishes for who gets what when he or she passes away. Having a Will is, of course, is better than not having one … but it may be nowhere near as beneficial to you as creating an Estate Plan. Here are some very basic facts about Wills vs. other legal Estate Planning tools that are available to individuals and couples who want to leave as much as possible to their loved ones: A Will becomes a public document when a person passes, and it is subject … [Read more...] about A Will Alone vs. An Estate Plan: Why, When, How?
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