If you have the means, an out-of-state vacation home can enhance your life. You and your family and friends can relax, unwind, and have fun together when you have the opportunity, and you are making a good investment that can yield financial dividends. At the same time, there is an estate planning consideration, and we will explain the details in this post. Probate Process When a will is used as an asset transfer vehicle, it is admitted to probate after the death of the testator. This is a … [Read more...] about Own a Vacation Property? You Need a Living Trust
You should have a general understanding of the estate administration process when you are engaged in your estate planning efforts. Most people think that they should use a will to facilitate asset transfers, but there are reasons why you may want to go in a different direction. A will is admitted to probate, which is the legal process of estate administration. The executor that is named in the document would be charged with the administrative tasks, and the court would supervise while the … [Read more...] about Can You Use a Transfer on Death Account to Avoid Probate?
There are some Latin terms used in the legal field to describe certain processes, and you will see them in wills and trusts. In this post, we will look at the terms per capita and per stirpes as they apply to beneficiary succession. Death of a Beneficiary If a person that you have named as a beneficiary in your estate plan predeceases you, an update will be necessary. However, when you originally draw up the document, you can address this contingency. To explain by way of example, let’s say … [Read more...] about Per Capita vs. Per Stirpes Bequests: What’s the Difference?
Millennials are part of Generation Y, and at this point, they are between 25 and 40 years of age. Less than 30 percent of people in this age group have estate plans in place according to a survey that was conducted by Caring.com. The unprepared individuals are taking risks, and it is one thing if you are single and you have no children, but it is another matter when there are people depending on you. Estate planning is a must for responsible millennials, and we will demystify the process in … [Read more...] about Estate Planning for Generation Y
If you look at a simple will next to a revocable living trust, you will see that there is really no comparison. A living trust is more effective on a number of different levels, and we will provide an overview before we focus on the importance of legal counsel. Living Trust Benefits When a will is utilized as an asset transfer vehicle, an executor is named in the document to act as the hands-on administrator. After the passing of the testator, the will is admitted to probate, and the court … [Read more...] about Engage an Attorney During the Living Trust Administration Phase
You may equate estate planning to the creation of a will, but there are other options. In many cases, a trust of some kind will be preferable, and we will look at some of these scenarios in this post. Special Needs Planning Most people with disabilities rely on Medicaid for their health insurance, and individuals that are in this position typically receive Supplemental Security Income as well. These are need-based programs, so you cannot qualify if you have significant assets in your … [Read more...] about Why Would a Trust Be Preferable to a Will?
A living trust is a highly effective estate planning tool that can be the ideal asset transfer vehicle. When you establish a living trust, it is important to fund the trust right away, because it serves no purpose if the assets that comprise your estate have not been conveyed into the trust. All different types of resources can be signed over to the trust, including your bank and brokerage accounts, your home and other real property, commodities, antiques and other valuable collectibles, and … [Read more...] about What Happens to Assets Outside of My Living Trust?
A lot of people that know they should put an estate plan in place drag their feet because they have certain unanswered questions in their minds. In this post, we are going to share three tips that will help to demystify the process. Taxation may not be a problem. It is natural to assume that the tax man will want a share of your legacy, but in reality, this may not be the case at all. A direct inheritance that is received through the terms of a will would not be subject to regular income … [Read more...] about Three Tips to Jump-Start Your Estate Planning Efforts
You may look at estate planning as a one-way street. The decision-making is up to you, and you record your choices in a will or trust. This is certainly a large part of the equation, but the recipients are also part of the loop. If you leave a child out of your plan, or if you slight them, an estate challenge could be presented. A contested situation can cause a great deal of acrimony, and it will slow down the estate administration process. The entire family will suffer to one extent or … [Read more...] about Four Tips to Help You Prevent Estate Challenges
As estate planning attorneys, we encourage people to take the correct actions to protect their loved ones. With this in mind, we are very interested in surveys that are conducted to gauge the estate planning preparedness of American adults. Caring.com has been compiling statistics on an annual basis. They have released their findings for 2021, and the results are very interesting. Pandemic-Fueled Surge The researchers had a new angle to explore this year because of the COVID-19 situation. … [Read more...] about 2021 Estate Planning Survey Yields Mixed Results