We’re living in tough financial times. Small businesses are failing at an alarming rate, bankruptcy filings and foreclosures are reaching record levels. People who never thought they’d have to worry about protecting their property from creditors, or from lawsuits, are facing that very reality. A Revocable Living Trust Won’t Work So, can you use a Revocable Living Trust to protect your property from creditors? Unfortunately, no – because you retain control over the property in a Revocable … [Read more...] about Will a Revocable Living Trust Protect My Property From Creditors?
revocable living trust
One of the benefits of choosing a revocable living trust over a will is that, in many cases, when the trust maker passes away, his or her trust can be settled quicker and more efficiently than a will can be probated. So, exactly how long does it take to settle a trust? The answer is, “it depends”. There are a lot of factors that, taken together, determine how long it will take for your successor trustee to transfer the property in your trust to the appropriate beneficiaries. Here are a few … [Read more...] about How Long Does it Take to Settle a Revocable Living Trust?
Estate planning is one of those things that we know we need to do, but so many of us put off until it’s too late. Here are a few simple estate planning “do’s” to get you on the right track. Make a Plan: Depending on which statistic you look at, over half of all Americans die without a simple will. And without a plan, it’s state law that decides who gets your property. It could be a judge whom you’ve never met that decides who’ll be raising your children. And without a plan, the process … [Read more...] about 5 Estate Planning Do’s
If you have, or are considering, a Revocable Living Trust, it’s important to know that having an effective trust is takes more than one step. It’s not enough to just have your attorney draw up your trust agreement and sign it – you also have to fund your trust. Funding your trust means transferring property out of your individual name, and into the name of the trustee. Any property that is owned by the trust falls under the terms of the trust and is within the control of the trustee. So, he … [Read more...] about Have You Funded Your Revocable Living Trust?