Designed to provide more privacy and legal protection than wills do, that is just the tip of the iceberg when it comes to the ins, outs, and advantages of living trusts. Understanding what this document is and how it works can help you determine if it’s the right option for you. Learn the basics.
There are things a living trust can and cannot do. While having a comprehensive estate plan is important, it’s also crucial to take note of the fact that a trust is not a form of magic, but a legal document with stringent rules determining how it may be used, and when it should be deployed. …
Death is a difficult subject, and every loved one’s passing is marked by a long period of mourning and remembrance – but when that period is mired by financial and legal complications in the form of lengthy, unnecessary, and intrusive probate issues, then the memory and legacy of a loved one can feel tarnished or …
When you begin planning your estate, you’ll likely come across the terms “will” and “living trust.” These estate planning options serve substantially different needs. While almost everyone has heard of a will, fewer people have heard of living trusts. Learn more about the differences between wills and living trusts to figure out which one best …
It is estimated that less than half of all Americans have documents in place for directing how affairs are to be conducted following their death. Even though death is a certainty in life, many of us somehow manage to push the idea aside, and continue to act as though the event is forever far away. For …
When considering end-of-life planning, very few of us relish the idea of our loved ones spending the days after our passing inside a courthouse, hashing out details of what goes to whom. This procedure is the matter of probate. Even with the proper preparation of a living trust or will, the probate courts maintain rules and …
For many, the subject of death is a taboo topic. Conjuring up images of scenarios where your loved one is no longer present can be traumatic. Due to the unpleasant nature of the idea, many put off making decisions to protect their financial future in the event of a loved one’s passing. They often realize, …
Many people include living trusts in their estate planning for the purpose of avoiding the probate process. That’s a wise goal; probate is the legal machinations by which the state decides how a person’s assets ought to be distributed after a person dies. The process is draining for the deceased’s loved ones, beneficiaries, and executor, …
Future goals of making an estate plan now include avoiding probate later, as well as keeping estate taxes at bay. What most people don’t realize is that estate planning can be useful while they are still alive. One way of maintaining control of your assets, while still providing for loved ones after your death, is …
A living trust is often cited as a low-risk way to avoid lengthy probate or certain taxes. It can be a straightforward way to divide assets or designate beneficiaries. Some kinds of trusts can be set up to automatically transfer assets to a spouse, others can be modified or amended without difficulty. But if a …
One of the main advantages of undertaking estate planning is the avoidance of the probate process. Probate is the procedure by which a specialized or district court undertakes the distribution of a dead person’s belongings, which includes real estate, the contents of bank accounts, and personal items. The probate process can be unsettling, public, tiring, …