The similarities between conservatorship vs guardianship are in both description and definition. Conservatorships are generally applied to adults, while guardianships typically involve minors. Guardianships and conservatorships center around managing a single person’s affairs and financials. In guardianships, the person managed is known as the ward, while in conservatorships, they are known as the conservatee. Depending …
A contingent beneficiary is a secondary beneficiary who only inherits if the first or primary beneficiary refuses their inheritance or cannot inherit. A contingent beneficiary is not a second or third beneficiary who will inherit in addition to your first heir. If everything goes “well,” the contingent beneficiary may not inherit anything. One of the …
A trust’s creation, management, and resolution can be very complicated in the trust administration process. Whether you intend to be the future decedent and would like to create a trust to manage certain assets within your estate before and after your death, or whether you have been named as the successor trustee for a loved …
The inheritance tax is distinct and not to be confused with the estate tax, sometimes also known as the death tax. The estate tax is levied on an estate after its decedent has died. In contrast, the inheritance tax is set on the heirs receiving their respective portions of the estate in the final stages …
Your last will is the single valid version of your will that a probate court will use to determine how to distribute your estate. You may have multiple wills and numerous documents attached to each will, but only your last will is valid, as is every attributed codicil to the will. If a person frequently …
An estate plan encapsulates all elements utilized to preserve a person’s legacy after death. This includes managing and bequeathing their belongings, anticipating and sidestepping unwanted complications, and developing strategies for unforeseen incapacity or permanent disability. Simply put, an estate plan is composed of several different contingencies and plans of action in the event of certain …
When we die, our belongings are distributed among the living. Some assets and property, both tangible and intangible, have automatic rules of distribution. For example, a life insurance policy usually requires you to name at least one beneficiary when creating it, as the purpose of the policy is to leave behind a buffer to pay …
Everything we leave behind must be redistributed among the living when we die. However, what happens if the residents can’t locate what we have left behind? What happens to forgotten bank accounts, retirement funds left inaccessible, unclaimed wages, and property with no deeds or paperwork? What happens to everything that is lost to time or …
Ever wondered why people don’t just transfer their home titles to their children while they’re alive, rather than waiting until they die after being written into the will? Aside from losing out on the equity of a home or investment property holds – and thereby losing the value of that equity in your retirement years …
AB trusts are an increasingly uncommon albeit valuable type of living trust, specialized for wealth preservation, tax avoidance, and long-term financial planning. At its core, an AB trust requires a married couple to file a two-part trust scheme that utilizes the individual tax exemption limits to create a tax-free inheritance for their ultimate beneficiaries. AB trusts are not …