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: Will
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
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 Does a Trust Work?
You’ve worked hard to accumulate financial assets. You’ll need them to support your retirement. However, what if you also want to pass them on to loved ones? Trusts are used to pass assets to the next generation and have many benefits, says an article titled “Passing assets through a trust—What to know” from the Daily Bulldog. “Funded” trusts … Continue reading How Does a Trust Work?
Which Expenses are Paid by the Estate and Which by the Beneficiary?
Settling an estate can be complex and time-consuming—it all depends on how much “estate planning” was done. According to an article from yahoo! Finance titled “What Expenses Are Paid by the Estate vs. Beneficiary?,” the executor is the person who creates an inventory of assets, determines which expenses need to be paid and distributes the remainder of the estate … Continue reading Which Expenses are Paid by the Estate and Which by the Beneficiary?
What are the Components of an Estate Plan?
Estate planning doesn’t have to be challenging. It’s also one of the most thoughtful steps you can take for the people you care about. Estate planning is the process of who will handle your estate and receive possessions after your death, according to an article titled “10 Essential Estate Planning Documents You Need” from The Street. There are … Continue reading What are the Components of an Estate Plan?
What Should Not Be Kept in a Safe Deposit Box?
In today’s digital world, almost everything of importance is stored virtually, in the cloud. A physical safe deposit box might seem like a throwback, but still has some good uses, says an article from Kiplinger, “Things You’ll Regret Keeping in a Safe Deposit Box.” Some things belonging in a safe deposit box include prized possessions, like a … Continue reading What Should Not Be Kept in a Safe Deposit Box?
What Happens When There Is No Will?
A will ensures that your personal and financial assets are given to the people and organizations you want. It also allows you to choose the person you want to settle your affairs, known as your executor. The time to have a will prepared is typically the same time people have a power of attorney and … Continue reading What Happens When There Is No Will?
How to Protect Your Loved Ones from Being Disinherited
Even if you’ve updated your wills, power of attorney, trusts and documented your end-of-life wishes, you haven’t finished with your estate plan, says an article, “On the Money: Do not disinherit your loved ones” from the Aiken Standard. Forgetting to update beneficiary designations for retirement plans at work, IRAs, life insurance policies, mutual funds, bank accounts, brokerage accounts, … Continue reading How to Protect Your Loved Ones from Being Disinherited
Steps to Take for End-of-Life Planning
Most people don’t consider anything about planning for incapacity or death to be joyful. However, if you consider estate planning documents as a way to share your wishes and make your departure easier for those you love, as well as a means to express your thoughts and feelings, it could make these tasks a little … Continue reading Steps to Take for End-of-Life Planning