Form 1041 Instructions Explained - Werner Law

Form 1041 Instructions Explained

An estate consists of everything you owned in death. A trust is a legal entity funded by your property and managed by a third-party trustee for the sake of your chosen beneficiaries. In both instances, these are accumulations of property and assets meant to be passed onto others at some point after your death (usually). …

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Personal Representative vs Trustee: What's the Difference? - Werner Law

Personal Representative vs Trustee: What’s the Difference?

Personal Representative vs Trustee When creating a plan for your estate, it is important to ask who will physically carry out that plan. Personal representatives and trustees, while sometimes confused for one another, are two very different roles of crucial importance in the estate planning process. While both have a fiduciary duty to you and …

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Estate Planning for Blended Families - Werner Law

Estate Planning for Blended Families

What does estate planning for blended families look like? Polling results from 2015 estimate that about one in six children lives in a “blended family”, which defines any family with a stepparent, stepsibling, or half-sibling. Furthermore, over 60 percent of remarried women marry into a blended family. There are estimates that at least half of …

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What Happens If Someone Dies Without a Will? - Werner Law

What Happens If Someone Dies Without a Will?

So, what happens if someone dies without a will? Dying without a will is called dying intestate. It means dying without testament, specifically one’s legal testament regarding the management and distribution of one’s belongings and possessions after death. Dying without a will means having everything you own automatically distributed among your next of kin as …

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Creating a Trust: Why It's Crucial to Seek Help from a Pro - Werner Law

Creating a Trust: Why It’s Crucial to Seek Help from a Pro

Trusts are not exclusive to the ultrarich but setting one up wisely may still require help from an estate planning professional. Even simple mistakes can end up costing your estate a fortune, and leave your family with much more stress and trouble than the whole thing might have been worth. Unlike simpler documents, trusts require …

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