A spendthrift trust, according to the article “Possible to spendthrift-proof a trust” from Record Courier, is created for the benefit and protection of a financially irresponsible person. For a spendthrift trust, it may be better not to choose a family member or trusted friend to serve as the trustee. Such person might not live long enough or have … Continue reading How Do I Stop Heirs from Foolishly Wasting Inheritance?
Category: Trusts
What Is a Pour-Over Will?
A pour-over will is a particular kind of will created to work with a trust, with a goal of facilitating the transfer of assets if the person creating the trust (the grantor) has not transferred all of their assets into the trust. This happens more often than you’d think. How do you know if you … Continue reading What Is a Pour-Over Will?
What Is Better, a Trust or a Will?
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?
What’s Involved with Being a Trustee?
There’s an old saying that the two best days in a boat owner’s life are the day they buy their boat and the day they sell it. Forbes’ article entitled “How To Be An Effective Trustee” says that a similar notion applies to being a trustee – it’s an honor to be named and then a huge relief … Continue reading What’s Involved with Being a Trustee?
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?
Yes, You Need a Will. Now.
Less than half of Americans have a will, or have any idea of how they would like to have their money and property handled at the time of their passing, according to an article titled “How to make a will and why you need one while you’re still alive” from Today. Why do you need a will? A … Continue reading Yes, You Need a Will. Now.
Can Unequal Inheritances Be Fair?
Estate planning attorneys aren’t often asked to create estate plans treating heirs unfairly. However, when they do it usually is because a parent is estranged from one child and wishes to leave him or her nothing. When it comes to estate planning, equal isn’t the same as fair, explains the article “Are Unequal Inheritances Fair?” from Advisor Perspectives. … Continue reading Can Unequal Inheritances Be Fair?
The Most Important Part of Estate Plan Is Planning for Living
Most people think of estate planning as planning for death. However, a well-titled article “Planning for death probably isn’t the most important part of your estate plan” from Coeur d’Alene/Post Falls Press presents another reason for estate planning in clear terms. Estate planning is planning for the unexpected eventualities of life. Estate planning documents address how things will work … Continue reading The Most Important Part of Estate Plan Is Planning for Living
What Is a QTIP Trust?
A Qualified Terminable Interest Property Trust, or QTIP, is a trust allowing the person who makes the trust (the grantor) to provide for a surviving spouse while maintaining control of how the trust’s assets are distributed once the surviving spouse passes, as explained in the article “QTIP Trusts” from Investopedia. QTIPs are irrevocable trusts, commonly used by people … Continue reading What Is a QTIP Trust?
Problems Created When No Will Is Available
Ask any estate planning attorney how much material they have for a book, or a movie based on the drama they see from family squabbles when someone dies without a will. There’s plenty—but a legal requirement of confidentiality and professionalism keeps those stories from circulating as widely as they might. This may be why more … Continue reading Problems Created When No Will Is Available