A significant percentage of Americans know very little about estate planning. They think that creating a will is the long and short of it, and they assume that they will have time to do this at some point in the future. This is one of the reasons why most people are going through life without a comprehensive estate plan. In fact, there is much more to the process of estate planning than creating a will. Let's look at the facts. Creating a Will When you are planning your estate, one of … [Read more...] about There Is More to Estate Planning Than Creating a Will
Wills and Trusts
When Would a Pour-Over Will Be Necessary?
There are many different legal devices that are used in the field of estate planning. If you execute a particular document, this does not mean that the job is done. A well constructed estate plan will typically include multiple different legally binding documents. With this in mind, let's look at the reason why you may want to create a certain type of will, even if you establish a revocable living trust. Pour-Over Will If you create a revocable living trust, you convey assets into it. … [Read more...] about When Would a Pour-Over Will Be Necessary?
Who Gets My Property If I Don't Have a Will or Living Trust?
There are people out there who apparently assume that your property will magically fall into the hands of your loved ones in precise accordance with your wishes if you don't have a will or a living trust. Why would we make this assertion? When you look at surveys that are conducted, the majority of American adults don't have estate plans in place. Since just about everyone would say that they put their family members first, these folks must be under the impression that the state can somehow … [Read more...] about Who Gets My Property If I Don't Have a Will or Living Trust?
Wills and Trusts 101
Wills and Trusts 101 from Paul Kraft You may think that you don't need a will if you have a trust. In fact, if you have a living trust, you should also have a pour-over will. This document would allow the trust to absorb assets that were never conveyed into the trust. Learn more about wills and trusts 101 in this presentation. … [Read more...] about Wills and Trusts 101
Wills and Trusts: A Primer
Wills and trusts are legal documents that are widely used in the field of estate planning. There are different types of wills and trusts, and there are intricacies that many people do not understand. In an effort to provide clarity, we will take a look at some of the basics in this blog post. Last Wills First, let's look at wills. There are different types of wills, but the will that most people have heard of is the last will or last will and testament. This document can be used to direct … [Read more...] about Wills and Trusts: A Primer
How Is My Last Will Handled After I Die?
People sometimes harbor misconceptions about last wills. It can seem as though the executor or personal representative that you name in the will can distribute inheritances quickly and easily after your passing when you state your final wishes in a last will. In reality, this is not the way that it works. The executor would be forced to admit the last will to probate, and the court would oversee the administration of the estate. We should point out the fact that a very small estate could … [Read more...] about How Is My Last Will Handled After I Die?
How Often Should I Review My Estate Plan?
When you engage in any type of financial planning throughout your life, you invariably react to ever changing circumstances. Your own financial capabilities may evolve over the years, and of course, market conditions are always going to be in flux. Unfortunately, many people do not apply this logic to the subject of estate planning. They put an estate plan in place, they put the documents in a lock box, and they forget about the matter. In reality, estate planning should be seen as an … [Read more...] about How Often Should I Review My Estate Plan?
Why Would I Use a Trust Instead of a Will?
You may not give estate planning a lot of thought. When you do, the document called a last will may come to mind. When you get ready to take action, you can just draw up a last will, and you will be good to go. In reality, this is an oversimplification. In many instances, a trust would be a better choice. Let's look at some of the reasons why you may want to use a trust instead of a will. Efficient Asset Transfers When a will is used, it must be admitted to probate. The court supervises … [Read more...] about Why Would I Use a Trust Instead of a Will?
What Is a Self-Proving Will?
When you use a will as your asset transfer device, you name an executor or personal representative to handle the business of the estate after your passing. The executor cannot look at the instructions, follow them, and act independently. The will must be admitted to probate before the executor can distribute assets. During probate, the court determines the validity of the will. We practice law in the state of Indiana. For a will to be valid in our state, the testator must sign the will in the … [Read more...] about What Is a Self-Proving Will?
What Are the Formal Requirements for a Valid Last Will?
The estate planning device called a last will or last will and testament is the most commonly understood asset transfer vehicle. Most people are aware of the fact that you can state your final wishes regarding the postmortem distribution of your resources with a last will. A person who creates a last will is called the testator. In the document, the testator will typically nominate an executor or personal representative. This is the person who will administer the estate … [Read more...] about What Are the Formal Requirements for a Valid Last Will?
