Estate plans come in all sizes and shapes. One of the decisions in creating an estate plan is whether a trust should be part of your plan, as detailed in this article titled “Trust vs. Will: What They Share (And 6 Ways They are Different)” from Yahoo! Money. Both trusts and wills give control over how assets are distributed. … Continue reading What Is Better, a Trust or a Will?
Category: Irrevocable Trust
Are Testamentary Trusts a Good Idea?
Not everyone wants to leave everything to their heirs without restrictions. Some want to protect money inherited from their own parents for their children or want to keep an irresponsible child from squandering an inheritance. For people who want more control over their assets, a testamentary trust might be useful, according to the article “What Is … Continue reading Are Testamentary Trusts a Good Idea?
Why are Trusts a Good Idea?
Estate planning attorneys know trusts are the Swiss Army knife of estate planning. Whatever the challenge is to be overcome, there is a trust to solve the problem. This includes everything from protecting assets from creditors to ensuring the right people inherit assets. There’s no hype about trusts, despite the title of this article, “Trusts—What Is … Continue reading Why are Trusts a Good Idea?
Should I Have a Trust in My Estate Plan?
Kiplinger’s article entitled “Why Do I Need a Trust?” says that if having assets distributed outright to a beneficiary could cause potential issues, there are several reasons to think about creating a trust. If you prefer to place specific conditions on the funds, you should have a trust. Many trusts state that distributions can only take place at … Continue reading Should I Have a Trust in My Estate Plan?
Should I Need a Trust in My Estate Plan?
Fed Week’s article entitled “Considerations for Including a Trust in Your Estate Plan” describes what a trust can offer. This includes the following: If your heirs are young, you can set up a trust to stay in effect until they are older and can handle their own finances. Another option is to keep the trust in effect … Continue reading Should I Need a Trust in My Estate Plan?
Can You Plan for Probate?
What can you do to help heirs have a smooth transition when settling your estate? An article from The Community Voice, “Managing probate when setting up your estate,” provides some recommendations. Joint accounts. Married couples can own property as joint tenancy, which includes a right of survivorship. When one of the spouses dies, the other becomes the owner and … Continue reading Can You Plan for Probate?
Do You Need a Revocable or an Irrevocable Trust?
It’s not always obvious which type of trust is the best for an individual, says an article titled “Which is Best for Me: A Revocable or Irrevocable Trust?” from Westchester & Fairfield County Business Journals. In a revocable living trust (RLT), the creator of the trust, known as the “grantor,” benefits from the trust and can be the … Continue reading Do You Need a Revocable or an Irrevocable Trust?