Take the time to find and hire a professional and respected estate planning attorney in your area. In the long run, you and your family will be glad you did. Learn about these specialized attorneys can help you. Estate planning affairs could be considered some of the least pressing for most Americans – we generally
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Because probate records are public court filings, anyone can obtain a copy of it. With modern technology comes the ability to locate such information, and in most cases for free. If you are interested in gaining access to a deceased person’s will, or a summary of their estate, then you may be surprised to find
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When a person dies, their estate must be properly accounted for, valued, and distributed. While the dead can take some of their possessions with them to the grave, most of what they own must be distributed among the living, creditors, beneficiaries, or the state. The individual in charge of overseeing this process and ensuring that
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Sometimes, estate planning is about finding ways to ensure that the wealth you leave behind for your loved ones will last if possible. This is especially important for those worried that their estate may be diminished by creditors or even heirs who are not equipped with the means nor knowledge to use their bequeathment wisely
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Wills and estate plans are the last things anyone wants to think about after a death in the family. Still, when a loved one dies, the process for distributing their belongings becomes an important step towards final closure, both in the personal and legal sense. All states require that a probate court oversees the distribution
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A trust is a legal vehicle for holding assets and property “in trust” for another person. Trusts have three basic elements to them – the trustor, the trustee, and the beneficiary. The trustor is also called the grantor and is the creator of the trust whose assets and property are funded into the trust. Due
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A trust fund is a trust dedicated to providing a wealth source for a beneficiary, usually for some time. Trust funds and trusts are generally interchangeable. The main difference is that a “trust fund” mostly describes an inheritance or estate planning tool meant to provide a source of income to a beneficiary over a period.
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The “5 and 5 power” rule, also known as the “5 by 5 power” or “5 or 5 power” clause, is sometimes instated in trusts to let beneficiaries to a trust withdraw a certain amount of value from the trust every year before it is officially scheduled to distribute itself. To understand why this might
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Trusts exist to hold money and assets in trust for a beneficiary on behalf of a grantor or trustor. These are legal entities defined and limited by a trust document and called into existence to separate the contents of the trust from its original owner for the beneficiary. Trusts exist in many shapes and forms,
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Before you partner with a law firm, here is a list of some need-to-know questions to ask a trust attorney. A firm or attorney specializing in living trusts and estate plans can be a valuable partner nowadays. Surveys show that Americans are investing less and less time into thinking about and preparing for the future,
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