When you look into the facts, you may decide that you would like to use a revocable living trust as your primary vehicle of asset transfer. These trusts provide a number of different advantages that you would not enjoy if you were to use a last will. The creator of the trust is called the grantor in legal parlance. A trust will have a beneficiary who receives monetary distributions, and there is also a trustee. With a revocable living trust, the grantor will typically act as … [Read more...] about What Is Trust Administration?
The matter of postmortem planning is something to take into consideration when you are planning ahead for the inevitable. Yes, you do have to execute all the appropriate estate planning documents. The basic estate plan would include a will and/or a trust, a living will, and durable powers of attorney at minimum. You may have life insurance as well, and if you do you must let someone know about your policy or policies. If you use a last will to direct asset transfers the person … [Read more...] about Postmortem Planning & Your Insurance Policies
When you use a trust such as a revocable living trust to direct the transfer of your remaining assets to your heirs after your passing you have to choose a trustee. The word trustee has some inherent implications. This individual or entity is going to be managing the funds that have been placed into the vehicle, and because of this fiduciary responsibility you clearly want to select a person or company that you trust. The utilization of a trust company or the trust department … [Read more...] about Choose Trustee or Executor Wisely