Trusts are legal devices that are often misunderstood. If you establish a trust, you make the trust the owner of the property that you convey into it. This can lead you to the belief that you will never have access to the assets again after you fund the trust. While this is a reasonable assumption, it is not entirely true. There are different types of trust, and the level of access will depend on the individual trust and the purpose that it serves. Irrevocable Trusts An irrevocable trust is … [Read more...] about Can You Access Assets in a Trust?
Revocable Living Trusts
Many individuals would like to keep their final affairs confidential for one reason or another. If you were to utilize a last Will to express your wishes and arrange for the transfer of your assets confidentiality would not be assured. This is because your estate must pass through the legal process of probate if you use a last Will to direct asset transfers. Because the probate court supervises the administration of the estate everything that goes on becomes a matter of public record and the … [Read more...] about Is Confidentiality Important to You?
Revocable living trusts are largely utilized to enable probate avoidance. Probate is a legal process, and it takes place under the auspices of the probate court. People often times try to avoid this process because it is time-consuming, it can be expensive, and it strips you of your privacy because it is a public proceeding. However, there are some misconceptions about revocable living trusts. There are objectives that some people have that these devices will not accomplish, and we would like … [Read more...] about Three Things a Revocable Living Trust Won’t Accomplish
One of the estate planning devices that is commonly used to arrange for the transfer of financial assets is the revocable living trust. This tool is utilized by people who would like to avoid probate. What is probate and why would you want to avoid it? Those are good questions that we would like to answer here. Probate is a legal process, and it takes place under the auspices of the probate court. During this period the business of the estate is conducted. This can include paying final bills, … [Read more...] about Plan for Incapacity With a Living Trust
You may assume that you should use a last will to arrange for the future distribution of your monetary resources. This is certainly an option that is available to you. Indeed, the last will is the most commonly utilized asset transfer vehicle in the field of estate planning. Though you can use a last will, you should understand the facts. The heirs to the estate do not immediately receive their inheritances when you have a will in place. The executor that you nominate when you create the will … [Read more...] about What Are the Drawbacks of Probate?
There are those who harbor misconceptions when it comes to estate planning. One of these is the notion that trusts are only useful for wealthy people. It is true that certain types of trusts are used by those who could be described as wealthy. However, revocable living trusts are useful for people of relatively ordinary means. In fact, this type of trust would not be the right choice for wealthy people who are exposed to the estate tax. Value of Revocable Living Trusts The main reason why you … [Read more...] about Are Revocable Living Trusts Only for the Wealthy?
The process of probate is going to stand in the way of your heirs and their inheritances if you take no steps to arrange for asset transfers outside of probate. What is probate you ask? Probate is a legal process that allows a court to supervise the administration of an estate. This oversight is positive on the one hand, but probate comes with some negatives as well. For one thing, probate is a time-consuming process. Even if the situation is straightforward and uncomplicated it will take a … [Read more...] about Probate Avoidance in Hartford: Can Probate Be Avoided?
Perhaps you are among a minority of Americans who have been proactive about estate planning. The idea got into your head years ago, and you decided to create a revocable living trust. You conveyed certain assets into the trust, and you named a trustee and a beneficiary to respectively manage and receive distributions from the trust after you die. That's all well and good, but have you reviewed the terms of the trust lately? Are you sure that the trust that you created perhaps 10, 20, or 30 … [Read more...] about Does Your Trust Still Make Sense?