Tag: Trusts
State laws are similar, but differences can turn out to be important. If you relocate to another state, it is important to revisit your estate plan because there are a number of variables that have an impact on the plan, according to The Times Herald in “Moving can affect your financial planning.” Generally speaking, if […]
Estate planning instruments, including trusts, can be used to avoid the probate process. If some information you have seen or heard has led you to believe a will does not have to go through probate, you are just plain wrong, according to TC Palm in “Common misconceptions about wills and trusts.” Sometimes, misconceptions begin with […]
Because of the history of trusts being quite large in the U.S., people think they are restricted to those with large amounts of money. Trusts are not just beneficial to the super wealthy. They can be a good tool for everyone, according to the Times Herald-Record in “Trusts are no longer just for the wealthy.” There […]
Can you just show a will to the holder of the assets and take possession? No, you need to head to court. There are numerous misperceptions about how a will works. Attorneys often deal with people upset that it requires approval from a court before it is official, according to The Times Herald in “Wills […]
Parents may become disappointed with a child and plan to leave them out of their estate plan. However, they may want to think again, considering the potential problems that can follow. Sometimes the black sheep of the family can create sufficient problems that parents may consider cutting him or her from the estate plan. However, that […]
You don’t get a say in the distribution of your assets unless you make a plan and get it written down. What happens to your assets when you pass away isn’t as simple as the people important to you automatically getting what they want, according to the New Jersey Herald in “Put your plans in […]
It is possible you may not be confident of the intentions of your in-laws. There is often tension between in-laws. Someone in the U.K. recently expressed concern on how to protect a child’s inheritance from a bad son-in-law, according to the This Is Money advice column “I have a terminal illness and our son-in law […]
No-contest clause makes people think twice before challenging will or trust. A way around the problem of challenges to a will or trust is to include a no-contest clause, according to Press Enterprise in “The Pros and cons of the no-contest clause.” A no-contest clause helps prevent these challenges. It simply states that anyone who […]
The estate tax may be repealed. However, that does not eliminate trusts as valuable tools in estate planning. An estate tax can take a considerable bite out of an estate. Reducing that threat is often a main focus of creating an estate plan. However, even if the estate tax is repealed, the trust remains a […]
If you do not fund a trust during your lifetime, then probate gets involved. A living trust can get confusing and mistakes can be made, if you don’t pay close attention, according to the Times Herald-Record in “Importance of funding a trust.” A key to the living trust is that you need to transfer your […]
