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?
Unfortunately, the vast majority of American adults are unprepared from an estate planning perspective. You would expect younger people to be remiss, but they are not alone. Just under 50 percent of older folks that are 55 years of age and older have wills or trusts. If you pass away without a will or a trust, you would die intestate, and we will take a look at the way that an intestate estate is handled in this post. Probate-Free Asset Transfers When a will has been executed, the document … [Read more...] about What Happens If You Pass Without a Will?
The simple will is the most commonly used estate planning document, but many people settle for wills unnecessarily. In this post, we will provide the basics in an effort to raise awareness so you can make informed decisions. Core Requirements A simple will can be executed by any adult that is of sound mind. In order for a will to be valid in the state of Connecticut, the document must be signed in front of two witnesses, and the witnesses must sign it in the presence of the testator. You … [Read more...] about The Simple Will: What You Need to Know
A lot of people assume that a will is the simplest estate planning document, and assets get into the hands of the inheritors quickly when a will is utilized. In reality, this is simply not the case. If you create a will, you name an executor in the document to act as the administrator. This person would not be able to conduct the business of the estate on their own without any supervision. The will would be admitted to probate, and the court would preside while the estate is being … [Read more...] about Four Things You Should Know About Probate
When a last will is used to transfer assets, the process of probate will be a major factor. In a will, you would name an executor, and this individual would act as the estate administrator. They would be required to admit the will to probate, and the court would provide supervision. The probate court is responsible for determining the validity of the will that is submitted. Because of this, anyone that wants to come forward to contest the validity of the will could do so during … [Read more...] about Address Possible Estate Challenges
Probate is the legal process of estate administration. If you use a will, you would name an executor to carry out your final wishes, and the probate court would provide supervision. This court would also be involved if you were to pass away without any estate planning documents at all. In some instances, a child or an incapacitated adult will need a guardian. This is another matter that would be handled by the probate court. In this post, we will look at five things you should know about … [Read more...] about Five Key Facts About Probate
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?
It’s important to have a plan. If you don’t have a plan, your state law dictates who gets your property and makes decisions for you. Read on to learn more about the prevalence of unexpected deaths and an example of what can happen without planning. Planning for the Unexpected … [Read more...] about Planning for the Unexpected
Each of us will die eventually. This article looks at how planning can make our passing easier for our loved ones. Specifically, this article looks at how planning can maintain privacy for your loved ones. Many Reasons to Plan … [Read more...] about Many Reasons to Plan
It’s important to have a plan. If you don’t have a plan, your state law dictates who gets your property and makes decisions for you. Read on to learn more about a heart-breaking story of someone who didn’t plan and the consequences. Planning is Critical … [Read more...] about Planning is Critical