Many people these days create estate plans that are built around some form of Trust. There are lots of different types of trusts done for many different purposes. When someone creates a Trust as the centerpiece of their estate plan, they will have detailed instructions in the Trust as to how their assets are to be distributed when they pass away. In that respect, the Trust takes the place of a Will. Listen to our attorney Mike Robinson explain what a pour over will is in the video … [Read more...] about What is a pour over will?
Everyone knows that a living will is a document that you can use to express your final wishes with regard to monetary transfers. A living will is an advance directive for health care that is used to state your preferences regarding the utilization of life-sustaining measures in the event of your incapacity. A living trust is an alternative to a last will as an asset transfer device, and many people would say that it is the far better choice. When you have a living trust, the trustee would be … [Read more...] about What’s the difference between a living will, a living trust, and a last will?
There is no law against it, but you may want to take pause before you go the DIY route. You may have heard about websites that sell do-it-yourself legal documents, including last wills. They contend that it is easy for anyone to take care of legal matters if you download their boilerplate worksheets. When you think about the process of estate planning, it is the act of giving everything that you have accumulated throughout your life to the people that you love the most. Since the stakes are … [Read more...] about Can you create your own last will without an attorney?
If you use a last will to state your final wishes with regard to the distribution of your assets, you would name an executor in the document. This is the person or entity that would administer your estate after you are gone. We are including the term “entity” because there are professionals that provide estate administration services. The executor would not be allowed to follow the instructions in the will and act independently to distribute the resources. After the passing of the testator, … [Read more...] about How long does it take for my heirs to get their inheritances if I use a will?
This is one of the most widely held misconceptions about estate planning. Many people think that trusts are only useful for multimillionaires, but this is really not the case at all. There are some types of trusts that are used by high net worth individuals that are exposed to estate taxes, but there are other trusts that can be useful for people of relatively ordinary means. The optimal choice will depend upon the circumstances. … [Read more...] about A last will is the right asset transfer document for anyone that is not wealthy, right?