Every estate planning situation is different, so there is no single approach that is universally right for everyone. As a layperson, you simply are not going to know all of your options, and this is why professional assistance is invaluable. With this in mind, we will look at an estate planning solution that is very useful if you have a spendthrift on your inheritance list. Revocable Living Trust If you were to use a last will as your vehicle of asset transfer, unless you include a testamentary … [Read more...] about How Do You Protect a Spendthrift Heir?
Before we address the question that serves as the title this blog post, we should explain why you may want to consider a living trust as the core document in your estate plan. This type of trust is revocable, so if you ever change your mind, you can dissolve the trust and take back direct personal possession of the property. It is unlikely that you will ever want to do so since you are using it as an estate planning device, but this can be comforting for some people. The ongoing control … [Read more...] about Can a Living Trust Be Contested?
You have options when you are planning your estate, and you should understand them thoroughly so you can make informed decisions. A lot of people assume that a last will should be the centerpiece in almost all cases unless you are very wealthy, but this is not really the case. In many instances, a revocable living trust would be a better choice. This is just one of a number of different types of trusts, but we will focus on the revocable living trust here. Probate Avoidance One of the … [Read more...] about Why Would You Use a Living Trust?
When you pass away, there are essentially three ways your estate can be handled: The first is according to the laws of intestacy. These are state laws that dictate how assets should be distributed when the deceased dies without an estate plan. The second way is through a Will. In this instance, you get to decide who gets what and the court supervises the ordeal in a process known as probate. Probate can be very costly and time-consuming for your loved ones. It also makes the details of your … [Read more...] about What is a Living Trust?