A will makes a one-time transfer of assets after death, while trusts allow assets to be transferred during life and after death. Each one has an important role to play in managing assets and protecting loved ones, reports an article “Estate vs. Trust: Do You Really Understand the Difference” from yahoo!. An “estate” in this sense is everything … Continue reading What’s More Important: an Estate Plan or Trust?
Category: Estate Planning Attorney
What Documents are Needed in an Emergency?
Most people don’t have any idea where to start when it comes to their emergency documents. This often keeps them from going anywhere near their estate planning. This is a big mistake, says an article, “3 tasks your family needs to complete to ease any anxiety over unexpected emergencies,” from MarketWatch. Estate planning is not just about wealthy … Continue reading What Documents are Needed in an Emergency?
Do I Need a Trust, or a Last Will and Testament?
Whether to have a will or a trust or both is often discussed when embarking on the estate planning process. Arriving at the answer, as discussed in an article, “Personal needs, preferences drive estate planning,” from The News-Enterprise, requires a closer look at each individual’s situation. The last will and testament doesn’t take effect until two events occur: … Continue reading Do I Need a Trust, or a Last Will and Testament?
The Basics of Estate Planning
No matter how BIG or small your net worth is, estate planning is a process that ensures your assets are handed down the way you want after you die. Work with an estate planning attorney to ensure your documents are in line with your intentions. Forbes’ article entitled “Estate Planning Basics” explains that everybody has an estate. … Continue reading The Basics of Estate Planning
Do I Need a Last Will and Testament?
Estate planning encompasses everything from planning for property distribution at death to preparing for incapacity, tax planning and guardian planning for minor children. An experienced estate planning attorney is involved with far more than a last will and testament. However, this is what most people think of when they sit down for their first meeting. … Continue reading Do I Need a Last Will and Testament?
Is an Estate Plan Battle Looming?
Some people don’t create an estate plan before they die. Or, if they do, they failed to have an estate plan created with an experienced estate planning attorney and their will is unclear, or even invalid. They might die with debts conflicting with their wishes. These and other situations can lead to a long and … Continue reading Is an Estate Plan Battle Looming?
Estate Planning Mistakes to Avoid
One reason to review your estate plan is to make sure people you’ve assigned roles to, like executor or guardian, are still living and willing to perform these tasks, according to the article “Five common estate planning mistakes to avoid” from the Idaho Press. Another is to be sure your estate plan is not missing out on any … Continue reading Estate Planning Mistakes to Avoid
Does an Estate Plan Need a Trust?
Many people dismiss trusts as only needed by wealthy people. However, they actually can be used to solve many different issues. An article from The Mercury titled “Planning Ahead: How do you know when you need a trust?” examines the different reasons for using trusts. Family Members with Special Needs. If your family includes a family member with special needs, … Continue reading Does an Estate Plan Need a Trust?
Can Executor Take the Money and Run?
What if your executor or trustee decides to run off to the Bahamas with all your assets, leaving heirs with nothing? Kentucky Farmer’s article entitled “What if trustee runs off with assets?” says that safeguards should be in place to protect the heirs of an estate. The most common way to protect against this possibility is a fiduciary … Continue reading Can Executor Take the Money and Run?
How Do You Stop a Sibling from Stealing an Inheritance?
If the parent does not have a will, there may be questions about which sibling should inherit what. This gets complicated fast. State law can define siblings’ rights after parents’ deaths, explains an article from yahoo!, “Can a Sibling Take Your Inheritance?” An estate planning attorney can be a valuable resource, regardless of the size of the … Continue reading How Do You Stop a Sibling from Stealing an Inheritance?