Estate Planning Archives - Page 3 of 22 - Werner Law Firm

Estate Planning

What Is Ancillary Probate? - Werner Law Firm

What Is Ancillary Probate?

The probate process is a step-by-step administration of a person’s estate or the assets and belongings they leave after death. Most probate courts also legitimize and assign an executor to a person’s last will and testament, tasking them with managing, evaluating, and distributing a decedent’s belongings after taking care of their final debts and financial

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35 Must-Know Basic Legal Terms in Estate Law - Werner Law Firm

35 Must-Know Basic Legal Terms in Estate Law

Estate plans and many of the basic legal terms ascribed to them date back to the archaic early days of English probate law, from Judeo-Christian primogeniture to the Wills Act of 1837. Since then, the basic principles of estate planning have barely changed, and while some terms are newer than others, most of them remain

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What Are Grantor Trust Rules? - Werner Law Firm

What Are Grantor Trust Rules?

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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Trust Fund Basics: Everything You Need to Know - Werner Law Firm

Trust Fund Basics: Everything You Need to Know

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" in Trust Documents - Werner Law Firm

The “5 and 5 Power” in Trust Documents

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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