Depending on the size and scope of your assets and the specific nature of your wishes it may be necessary to implement a combination of estate planning instruments to enable the optimal transfer of assets. However, when you engage the services of an experienced estate planning attorney, he or she can greatly simplify the matter and explain your options to you in an understandable manner. This having been stated a lot of people are only going to need a very basic estate plan. … [Read more...] about The Basic Estate Plan
Wills and Trusts
Adding A Dimension To Your Estate Plan
Everyone has heard of the last will, which is the most common vehicle of asset transfer used in the field of estate planning. It is interesting to note that in the past this document was comprised of two different components and generally termed the "last will and testament." When it was broken down in this manner, the will was used to transfer real property and the testament was the portion of the document that was devoted to the transfer of personal property. During … [Read more...] about Adding A Dimension To Your Estate Plan
Pour-Over Wills & Your Estate
When the layperson hears the term "estate planning" the thing that usually comes to mind is the last will, and this is of course one way to pass along your assets to your loved ones after you die. However, many people prefer to use a trust such as a revocable living trust once they pay a visit to an estate planning attorney and hear about all the options that are available to them. For the majority of individuals the primary reason why a trust may be preferable to a last will is because the … [Read more...] about Pour-Over Wills & Your Estate
Avoiding Probate: Is It The Best Choice?
When you pass away, utilizing a will as your primary vehicle of asset transfer your estate must pass through the legal process of probate. Probate provides certain protections because it ensures the court supervised administration of your estate, but there are pitfalls involved with probate as well. What are these pitfalls? Interestingly enough, one of the protections that probate provides for those who survive you can be seen as a negative by some. During the probate … [Read more...] about Avoiding Probate: Is It The Best Choice?
3 Revocable Living Trust Benefits
A Revocable Living Trust is a commonly used estate planning tool. It works in conjunction with ancillary documents such as a Pour-Over-Will, Financial Powers of Attorney, Medical Powers of Attorney, the Living Will, HIPAA Releases, and Organ Donation forms. “Revocable” means that the Trust can be revoked or amended at any time. “Living” means that you create the Trust while you are alive. And, a “Trust” is a type of contract. Here is a summary of Revocable Living Trust … [Read more...] about 3 Revocable Living Trust Benefits
When to Update your Will
When creating a Will, it is not a once and done activity. Estate planning, which includes creating a Will, is a process. It is wise to consult with your estate planning attorney every three to five years to update your plan to reflect changes in your life, goals, and assets; changes in the law; and changes in your estate planning attorney’s experience. When creating a Will keep in mind that you should contact your estate planning attorney immediately (don’t wait for the three … [Read more...] about When to Update your Will
Is Inheritance Planning as Simple as Writing a Will?
The future always seems uncertain, and that will never change for any of us, even as many young children begin taking the first steps, it’s not too early to make long-term plans to ensure their financial security. Inheritance planning when children are too young to act for themselves can ensure their financial security for many years to come. There are many different directions that a person’s belongings or estate could head after the person has passed; after probate laws and surrogate courts … [Read more...] about Is Inheritance Planning as Simple as Writing a Will?
What Does it Mean to be Named Executor in Someone’s Will?
The short answer to this question is that the person who has named you as executor trusts you to see that the bequests made in the will are carried out. The more complicated answer is that the executor has many duties to the estate and can be liable if such things as the estate taxes are not paid. Some of the duties of the executor are Distributing assets according to the dictates of the willPaying debts of the estate and final debts of the deceasedMaintaining assets of the estate such as a … [Read more...] about What Does it Mean to be Named Executor in Someone’s Will?
Three Things a Revocable Living Trust Can’t Do
While a Revocable Living Trust is a great estate planning method for avoiding probate and for preparing for potential mental incapacity, there are some things it just can’t do. Here are three examples: Protect Assets from Creditors. If someone wins a lawsuit against you that entitles them to money damages, they become what’s called a “judgment creditor.” A judgment creditor can levy on your property in order to collect the amount owed, and a Revocable Living Trust does not shield your … [Read more...] about Three Things a Revocable Living Trust Can’t Do
How Do I Update My Will?
Any time there is a major change in your life—marriage, divorce, birth of a child—it is a good idea to update your will. Or there may come a time when you want to change your beneficiaries, or add or subtract property to be devised. For minor changes such as changes to specific bequests or a name change or change in personal representative, you would probably just want to make a codicil. With a codicil, you can make specifics changes to certain items while leaving the rest of the will … [Read more...] about How Do I Update My Will?
