Although a Last Will and Testament generally serves as the foundation of any comprehensive estate plan, most plans also include a variety of additional documents and strategies. One of the most common additions to an estate plan is a trust agreement. If you plan to include a trust agreement in your estate plan you will need to decide which type of trust is right for your plan. Understanding the difference between a testamentary trust and a living trust is essential to deciding which type of … [Read more...] about What Is a Living Trust?
revocable living trust
If you have been reading our blog, then you know that you need a Will not matter how much money you have. Rich or poor, it is better for your estate to have a Will. Do you need other estate planning documents if you do not have a lot of money? Some people assume that if they do not have a lot of wealth that they can not take advantage of more advanced estate planning tools. That assumption is false. A Revocable Living Trust can be used by anyone. You do not need to have a fortune to fund a … [Read more...] about Everyone Can Have a Trust
Have you considered what to do after you get a Revocable Living Trust? If you are like most people who have estate plans, than you probably do have a Revocable Living Trust. However, you need to have a plan in place for what comes next. Just getting the Trust itself does not do anything unless you follow through with a more complete plan. The first thing you need to do is to fund the Trust. You need to transfer your assets to the Trust. The attorney who drafted the Trust for you probably told … [Read more...] about After Getting a Trust
Most people do not have a difficult time determining what they want to happen with their property and assets after they pass away. You know who you want to have your stuff. For this reason, some people decide that they can make their own estate plans. They purchase a Will from an online source and fill in the blanks. However, there is a problem with that line of thought: estate planning is not about who you want to have your stuff. Estate planning is about how to go about giving people your … [Read more...] about Do Not Limit Your Options
Do you want to get a Revocable Living Trust? Do you need one? These are two of the most common questions that people ask themselves when they are planning their estates because Revocable Living Trusts are very popular estate planning instruments. The answers to the questions are not a simple matter of asking what other people have done, however. Instead, you need to determine what you want to accomplish with your estate plan first. Then, you can answer the questions. If your primary goal in … [Read more...] about Do You Need a Revocable Living Trust?
You might think you know what you need in your estate plan. You may have even read some information online from some company that wants to sell you forms that they claim are all you need. Before you buy those forms, you should consider a few things first. The law in every state is different. Online companies know that, but their forms barely scratch the surface of accounting for the differences. A form that might be perfect for New York. might be completely invalid in Texas. However, online you … [Read more...] about Good Estate Planning Requires an Attorney
Getting a Revocable Living Trust is an important step in avoiding Probate hassles. However, it is only a first step and there are other things that you should do. Everyone's case is slightly different, but here are a few things to consider after getting a Revocable Living Trust: 1. Fund the Trust. This is the most important step. A Revocable Living Trust does not do any good if you do not transfer your assets to it. You do not have to transfer all of your assets to the trust, but your most … [Read more...] about After Getting a Revocable Living Trust
Beware of living trust scams targeting elderly residents across the nation. A living trust is a written legal instrument allowing you to place your assets into trust for the benefit of your beneficiaries. A trustee manages the living trust on your behalf. The written instrument earns its name from the fact that you create a living trust while you are still living. A living trust may be irrevocable or revocable. You may not alter or revoke an irrevocable living trust document, unlike a revocable … [Read more...] about Elderly Residents Warned of Living Trust Scams: Part 1 of 3
If you’re considering whether to establish a will or a revocable living trust, you might want to consider these three advantages offered by a living trust: 1. A Living Trust Can Help You Avoid Probate. When you have a revocable living trust, any property that is titled in the name of the trust at the time of your death is distributing according to the terms of the trust – no probate necessary. On the other hand, if you don’t have a trust, or if there’s property in your name that’s been … [Read more...] about Three Advantages of a Revocable Living Trust
Your Successor Trustee is the person you’ll appoint to step in and take over the property owned by your Revocable Living Trust in the event of your disability or death. The person you choose will have an important and possibly complex job to do, and you’ll want to make your selection wisely. Here are just a few of the qualities you’ll want to consider when choosing a Successor Trustee: Organized: Your Successor Trustee will likely be in charge of financial accounts and investments as well as … [Read more...] about Qualities to Look for In a Successor Trustee