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
Wills & Trusts
Sherman Hemsley’s Will Upheld as Valid by the Court
You may not have known this, but Sherman Hemsley, the actor who played George Jefferson on “The Jeffersons,” the TV sitcom that aired from 1975 – 1985 and was nominated for eight Golden Globe awards, died in July from lung cancer and, because of intra-family disputes over his will, his body was kept in refrigerated storage for five months. 78-year-old Richard Thornton, the recently verified half-brother of Mr. Hemsley, had contested the validity of Hemsley’s will, claiming that he … [Read more...] about Sherman Hemsley’s Will Upheld as Valid by the Court
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?
If You’ve Recently Moved, Consider Changing or Updating Your Will
As a general rule of thumb, you need to review your estate plan any time you experience a major life event or a change in circumstances. One of these key life events, moving to a new state, should prompt you to review at least your last will and testament, if not everything else. There are both practical and legal concerns you will need to consider if you created a will in a different state and have since moved to a new one. Issue 1: Where are your representatives? As part of creating … [Read more...] about If You’ve Recently Moved, Consider Changing or Updating Your Will
Choosing the Right Executor
An executor is a person who manages the estate settlement process after someone has died. If you create an estate plan you get to choose who your executor is, even though the court will have to approve the nomination and officially recognize the executor, also called a personal representative or estate administrator. If you're having difficulty selecting your executor, here are a couple of tips you may want to consider. Time and Money Executors are not free, and they will have to be … [Read more...] about Choosing the Right Executor
Commonly Used Estate Planning Trusts
Living Trusts Anyone who creates a trust is known as a grantor, or alternately, a settlor. When grantors create living trusts they do so while they are still alive, as opposed to creating the trust through the terms of their Wills. Living trusts are very popular because the grantor maintains the right to change the terms of the trust, making it a revocable trust. Once that grantor dies those terms then become permanent and the trust becomes an irrevocable trust. Living trusts can be used both … [Read more...] about Commonly Used Estate Planning Trusts
Three Harmful Estate Planning Myths
It seems that there are a variety of myths surrounding the concept – and practice – of estate planning. In an effort to dispel these myths, and help people provide for their family once they’re gone, this article addresses some of the most common harmful estate planning myths. 1st Myth: You have to be wealthy to make an estate plan If you own any property, you’ll have an estate when you die. If you fail to make a plan about what to do with it when you die, then whatever property you have will … [Read more...] about Three Harmful Estate Planning Myths
Getting Ready to Make Your Will
If you've made the decision to get off the fence and get down to making a Will: congratulations. You've taken a very difficult step that many people never make. Now that you've decided, you may be overwhelmed by the choices you have and the process before you. Relax. It's not difficult to create a Will if you tackle the process in pieces and just do one thing at a time. Here's how to start. Step 1: Make a list of your property A Will won't be the only estate planning tool you use, but it is a … [Read more...] about Getting Ready to Make Your Will
Updating Your Will? 3 Reasons to Take Care
Estate plans require regular inspection and occasional maintenance to function properly. If you take the time every year to review your estate plan and find something you wish to change, that typically isn't a problem. However, just as you took care to create your plan properly, you will also want to take care to ensure that the changes you wish to make our done properly and will not cause complications. Reason 1: Changing Your Will Might Not Be Enough A variety of life events can cause you to … [Read more...] about Updating Your Will? 3 Reasons to Take Care
What You Need to Know About Will Registries – FAQ
1. If I make a will, do I have to register it with a will registry? If you choose to write a last will and testament, you have no obligation to file that document with a will registry. Though there are some states which have will registries, or allow you to file information where your will can be found, that type of registration is never required. All you have to do to make a will is ensure that it complies with state requirements, and filing your will with state will registry is not one of … [Read more...] about What You Need to Know About Will Registries – FAQ
