Whether you have inherited your wealth or have built it yourself, you likely want to share this wealth with the next generation and beyond. Read this article to learn how an estate plan protects family wealth.
Before setting up a revocable living trust, you should understand what you can—and cannot—do in your dual role as trustor and trustee.
If you are considering making a donation to a public charity, you are not limited to donating cash. Depending upon your financial situation, giving objectives, and the needs of the charitable organization, certain accounts or pieces of property may be better suited for donation to the charity.
There are pros and cons to probate, and after weighing them, some people may prefer to establish a testamentary trust, which is a trust created through a will—even if this means that the person’s money and property must go through probate before the trust is funded and money is given to beneficiaries.
Sitting down to create or update your estate plan can be overwhelming. Crucial to a successful plan is your ability to address two major questions: Who will get your stuff when you die, and how do you want those individuals or charities to receive that stuff?
The main purpose of the probate process is to distribute the deceased’s money and property in accordance with the Will or state law. Not all Wills, and not all accounts and property, need to go through probate court. And just because a Will is filed with the probate court does not mean a probate needs to be opened. But whether or not probate is necessary, most state laws require that a Will be filed when the creator of the will passes away.
If you have overheard any discussion about estate planning, you have likely heard the words “guardian” or “trustee” tossed around in the conversation. When it comes to estate planning, who will ultimately be in charge of your minor child is an important decision that requires consideration of many factors.
When establishing a trust, you must give serious thought to who you choose as your successor trustee—the person who will manage, invest, and hand out the trust’s accounts and property once you are no longer able to do so. Even the most capable, well-intentioned successor trustees can make mistakes when managing affairs, however. Here are five surprisingly common mistakes along with steps to take to prevent them from happening.
What’s the role of successor trustees, professional fiduciaries, guardians, and personal representatives? What’s the difference between a health care agent and a financial agent? Read this article to learn more about these important roles.
Sometimes pet owners can get a bit creative when providing for their pets. In this week’s article, take a look at 3 famous cases involving pet trusts and the important lessons we can learn from them.
