One of the risks inherent in opting for a do-it-yourself estate plan is that, without the help of an experienced attorney, you can’t spot any missing pieces of the puzzle. Such is the case with the residuary clause, an essential part of any will, but one may be missing in wills not prepared by attorneys. A residuary clause is a provision in a will that gives instructions as to what should happen to property that is not specifically disposed of in other parts of the will. For instance, if your … [Read more...] about Estate Planning Term: Residuary Clause
wills & trusts
If you intend to leave a substantial inheritance for your spouse, children or other loved ones, you might want to think twice about having money or other assets distributed to them “outright” when you pass away. Simply handing over an inheritance to a beneficiary in one lump sum can spell trouble, and it can deprive your loved one of the protections provided by a lifetime trust. What is a Lifetime Trust? When you establish a lifetime trust, you appoint a trustee to manage certain assets on … [Read more...] about Why Choose a Lifetime Trust?
What are the first steps in settling a loved one’s estate? Whether the foundation of your loved one’s estate plan was a will or a trust, you’ll need to schedule an appointment with a probate attorney relatively soon after the death – within a few weeks, if possible. And, you’ll want to gather the following paperwork to take with you to the appointment. Estate Planning Documents: If there’s a will, you’ll need the original, plus any original codicils. If there’s a trust, a copy of the trust … [Read more...] about Essential Paperwork for Settling an Estate
Start researching about ways to plan your estate and you’ll likely come across the Revocable Living Trust. Sounds pretty impressive to be sure, but what exactly is this document and how does it work for you? A Revocable Living Trust is a legal document in which you can specify how you want your property to be managed and distributed during your lifetime and after your death. Note that I said “during your lifetime” – unlike a Will, a Living Trust does not wait for your death to become … [Read more...] about What is a Revocable Living Trust?