Maybe you’ve looked into estate planning and have come the conclusion that you would benefit from creating a living trust. Congratulations, you’ve taken a step that many people never get around to taking. You’ve also chosen to take advantage of an opportunity that goes wasted for far too many. But before you decide to go to a legal services website or use a do-it-yourself guide, you should take a moment to balance “can” with “should.” While you are entirely within your rights to create your … [Read more...] about Can I Make My Own Trust?
Trust Administration
Incorporating a CRT Into Your Estate Plan
Some people who develop an estate plan early find that as the years go by their desires change and they want to adjust their plans to reflect their new goals. Many people, for example, place a much higher emphasis on charitable giving later in lives than they do when they first develop an estate plan after they have children. For many of these people, especially those with a considerable amount of wealth, incorporating a charitable remainder trust, or CRT, is often a good choice. Here’s … [Read more...] about Incorporating a CRT Into Your Estate Plan
Understanding Irrevocable Living Trusts
The differences between an irrevocable living trust and a revocable living trust can have significant consequences for you and your estate plan, if you do not understand those differences. If you are contemplating the creation of an irrevocable living trust, you really should take the time to be sure that you are aware of the differences between the two. The following information should help to provide a greater understanding of the irrevocable living trust. The purposes for which irrevocable … [Read more...] about Understanding Irrevocable Living Trusts
Key Elements in a Living Trust
A living trust often forms a vital piece of many estate plans. Living trusts, also known as revocable living trusts or inter vivos trusts, provide numerous potential benefits. In order to create such a trust, you must make sure that you meet some specific elements as required under the law. You should speak to an expert estate planning attorney if you want to create a trust, but here are some of the important elements. Settlors and Property When you create a revocable living trust, you … [Read more...] about Key Elements in a Living Trust
Three Basic Questions about Trusts
If you're thinking about creating a trust, here's a list of frequently asked questions that may help you decide if a trust is right for you. What is the value of a trust? This is a question without a very definitive answer, specifically because trusts are used for such a wide assortment of purposes – the value of which is determined by its creator. That said, however, most trusts are used to provide money to those in need, or to impose money management upon those who lack such skill themselves. … [Read more...] about Three Basic Questions about Trusts
Can I Change My Testamentary Trust Terms?
Some people choose to establish a testamentary trust as part of their estate plan. When you make this type of trust you get to determine its terms and direct how the trust will operate by writing your choices down in your last will and testament. Modifying the terms of your testamentary trust is very easy to do, though it will require you to meet the same standards that you met when you created your last will and testament. Codicil You can often change the terms of the testamentary … [Read more...] about Can I Change My Testamentary Trust Terms?
Your Living Trust – Three Questions About When You Want to Change Terms
Question 1: When can I change the terms of my revocable living trust? Essentially, whenever you wish. A person who creates a revocable living trust, known as a settlor or a trustor, retains the ability to modify or alter the terms of the trust whenever he or she desires. For example, if you create a revocable living trust which names your child as a beneficiary, you can change the terms of the trust after the birth of a second child so the trust also include the new child as a … [Read more...] about Your Living Trust – Three Questions About When You Want to Change Terms
What Property Goes Through Probate?
Good estate planning pays particular attention to state probate laws and how they will impact your estate. Though state laws differ, certain types of property almost always must pass through probate unless an estate plan creates a method to avoid it. Individual Assets Anything you own as the sole owner is a likely candidate for probate. For example, if you own a vacation home in your name alone this will likely have to go through probate before your heirs can receive it after you die. If … [Read more...] about What Property Goes Through Probate?
Is a Family Member Trustee the Right Choice?
When you create a trust you'll need to select a trustee to manage trust property and distribute it to beneficiaries. Many people who create a trust use a family member trustee. While this may seem an ideal solution, there are some questions you'll need to ask yourself if you are thinking about choosing a family member to serve in this vital role. Expertise and Experience A family member must manage the trust to the same standards that the law requires for all trustees. This requires the family … [Read more...] about Is a Family Member Trustee the Right Choice?
A Few Common Questions About Charitable Trusts
You've likely heard of various charitable trusts mentioned in conjunction with the causes and charities they support. For example, when Microsoft billionaire Bill Gates decided to use the bulk of his wealth for philanthropic purposes, he and his wife created the Bill and Melinda Gates Foundation, a charitable trust. Though many other charitable trusts were also created by very wealthy people, you don't have to be nearly as wealthy to establish your own. Let's take a look at a few common … [Read more...] about A Few Common Questions About Charitable Trusts
