What are the Qualities of a Good Executor? Serving as executor of an estate can be a demanding and complicated job, and not everyone is suited to the task. Here are some qualities to look for when you’re deciding who to appoint: Organized. Your executor will have a multitude of papers to keep track of, a bank account to balance, and potentially investments or other property to manage. In … [Read more...] about What are the Qualities of a Good Executor?
Are Do-It-Yourself Wills Really That Bad?
Do-It-Yourself Wills seem to be ever more popular, and you may be wondering why you need an attorney to draft a Will for you, when it’s easier and cheaper to log onto a website and download a simple form. While it’s your right to use a website or pre-printed form to make a Will, there are many reasons why this option might not be the best idea. One problem with a DIY Will is that the way it’s … [Read more...] about Are Do-It-Yourself Wills Really That Bad?
Essential Documents for a Trust-Based Estate
Have you reviewed your estate planning options and decided that a Revocable Living Trust fits your estate planning needs? If so, here are five documents you may see in the journey to plan your trust-based estate. Revocable Living Trust In the case of a trust-based estate plan, your main document is your Trust. Unlike a Last Will and Testament, a Living Trust performs duties while you are alive … [Read more...] about Essential Documents for a Trust-Based Estate
Naming a Guardian for Your Children
One of the most emotional parts of the estate planning process for parents can be deciding who to appoint as guardian for your children. It’s tough to think about not being there to watch your little ones grow up, but it’s important to plan for their well-being in the unlikely event that both you and their other parent should pass away before they reach adulthood. If you’re having difficulty … [Read more...] about Naming a Guardian for Your Children
What is Revocable Living Trust?
A Revocable Living Trust is an estate planning method for avoiding probate, among other things. When you establish a Revocable Living Trust, you transfer your assets to a Trustee, who will manage them on your behalf and, after you pass away, on behalf of your remainder beneficiaries. Your Trust Agreement is the document that establishes the trust and gives your Trustee instructions on how to … [Read more...] about What is Revocable Living Trust?
How do I Change My Revocable Living Trust?
If you need to make a change to your Revocable Living Trust; for example, naming a new Successor Trustee, or eliminating a single, specific provision, you’ll need a Trust Amendment. A Trust Amendment is a legal document that makes changes to certain parts of your Revocable Living Trust but leaves the rest of the provisions unchanged. If you want to make changes to your trust, it’s important … [Read more...] about How do I Change My Revocable Living Trust?
What is Joint Ownership?
Joint ownership is when more than one person owns a piece of land or a financial asset and how you own the property can affect how your estate is settled upon your death. There are three basic types of joint ownership: Joint Tenancy with Right of Survivorship This type of ownership gives both owners full ownership of the asset and is most commonly seen in real estate property. In this case, if … [Read more...] about What is Joint Ownership?
What’s the Difference Between a Testamentary Trust and a Living Trust?
A Living Trust is one you create while you are alive. One common type of living trust is a revocable living trust often used in place of a regular Last Will and Testament. A living trust is applicable during your lifetime and can benefit both you and your beneficiaries while you’re still alive. A Living Trust allows you to retain control of the assets, and if you should become mentally or … [Read more...] about What’s the Difference Between a Testamentary Trust and a Living Trust?
The Basics of a Trust
If you’re starting to learn about the estate planning tools available to you, you’ve probably heard a little about trusts. But what are trusts and how do they work for you? A trust is a separate legal entity that holds ownership to your assets. Depending upon the kind of trust you create, you can continue to maintain control over these assets and do with them as you wish by appointing yourself as … [Read more...] about The Basics of a Trust
