A comprehensive estate plan will cover a number of different bases. However, some people fail to consider key details. With this in mind, we will take a look at some of the estate plan components that are sometimes omitted in an effort to raise awareness. Letter of Last Instruction If you were leaving the country for an extended period of time, would you leave instructions for the person that will be handling your affairs? Obviously, the answer is yes, but many people do not consider this … [Read more...] about Are These Items Missing From Your Estate Plan?
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?
Before we address the specific subject we are going to focus on in this post, we will provide some general background information about the benefits of living trusts. You Retain Control A lot of people assume that you surrender personal control of assets that you convey into any type of trust. The whole idea is to allow a trustee to manage the assets, right? This is true when it comes to irrevocable trusts, and people use these trusts because they want to surrender incidents of ownership … [Read more...] about Do You Need a Will If You Have a Living Trust?