A living trust, also known as an inter vivos trust, can be an extremely useful tool for some people seeking to plan their estates. Depending on your needs, it can both be an effective tool for managing your assets while you are alive, and become an effective means of asset distribution after you pass away. But what exactly is a living trust, and what can it do for you?
Category: Trusts and Estates
Five Things Everyone Should Consider as Part of Their Estate Plan
Creating your estate plan is an essential part of preparing for your retirement and your end-of-life plans, but many people do not even know where to start. Ensuring you have what you need for your estate plan will help to protect you and your loved ones from the legal and financial complications that can arise as you grow older, and after you pass away. Here are five things you should consider for your estate plan:
Continue reading “Five Things Everyone Should Consider as Part of Their Estate Plan”
How a Healthcare Proxy Can Fit Into Your Estate Plan
No matter how healthy you are, there is always the risk that you will become incapacitated and unable to make healthcare decisions on your own. However, this is especially a concern for the elderly, and those with long-term health problems that may worsen at any time. That is why, if you are putting an estate plan together, you should seriously consider creating a healthcare proxy so that your wishes are honored if these situations arise.
Continue reading “How a Healthcare Proxy Can Fit Into Your Estate Plan”
Five Common Estate Planning Misconceptions
Estate planning is an essential part of helping people to deal with troubles that are likely to arise later in their lives, as well as issues that may come up after they pass away. However, not everyone understands estate planning, and some people have a serious lack of understanding about what the process of planning your estate entails. Here are five of the most common misconceptions people have about estate planning:
Continue reading “Five Common Estate Planning Misconceptions”
Writing a Last Will and Testament: Five Things to Consider
Writing a last will and testament is always a difficult undertaking. If nothing else, it requires you to confront the fact that you won’t always be there for your loved ones, and you need to plan for what will happen to them when you are gone. However, there are a few things to keep in mind when you are writing your will, to ensure you don’t leave your loved ones with unnecessary problems. Continue reading “Writing a Last Will and Testament: Five Things to Consider”
What is a Testamentary Trust?
If you are thinking about planning your estate, you may already know the benefits of having a will. However, it is important to know the tools you have available to you for estate planning beyond executing a simple last will and testament. One such tool is known as the testamentary trust, and depending on your needs, it can be an essential part of your estate plan. Continue reading “What is a Testamentary Trust?”
Shortcutting Conflict in Your Will
Unsurprisingly, a person’s last will and testament can be a major source of conflict for any family, even if that family typically gets along well. There can be fights over who gets to keep money, houses, cars, and other valuables, of course, but also fights over precious heirlooms and other things that have emotional value, even if they aren’t worth much monetarily. Fortunately, there are things you can do when you’re writing your will to preempt these kinds of conflicts. Continue reading “Shortcutting Conflict in Your Will”
What is a Living Trust, and Why Would You Want One?
In the context of estate planning, you might sometimes hear about “living trusts,” also called revocable trusts or inter vivos trusts. Living trusts are useful tools for anyone trying to plan for their future under certain circumstances, as they can allow you to fully marshal all assets of your estate prior to your death in lieu of having a last will and testament. Living trusts can create some security for you and your loved ones, since you direct how the trust will be managed and distributed according to your wishes even when you are not there to take care of your family anymore. Continue reading “What is a Living Trust, and Why Would You Want One?”
The Fiduciary Duty of an Estate’s Executor
When a person dies with a last will and testament, it becomes the duty of someone (usually someone dictated within the will itself) to execute the will of the deceased. On the one hand, it is an honor to be trusted with carrying out someone else’s will. On the other hand, it comes with a lot of work and potential liabilities, and it can be helpful to know what you’re getting into, in case you or someone you know is making a decision about who they want to be the executor of their estate. Continue reading “The Fiduciary Duty of an Estate’s Executor”
Writing a Will is a Little Headache Now, to Stop a Big Headache Later
Many people, understandably, don’t want to think about writing a will. Not only does it require confronting uncomfortable subject matter (which is to say, one’s own mortality), but it can be a tedious and lengthy process as well. Going over all your property and figuring out who it should go to when you die is unpleasant in every sense of the word… but it’s not nearly as unpleasant as the alternative.
Continue reading “Writing a Will is a Little Headache Now, to Stop a Big Headache Later”
