A lot of people think that you have either a will or a trust when you put an estate plan in place, and there is some truth to this understanding. However, you should actually have a couple of different types of wills to go along with your trust. Child Guardianship The trustee of a living […]
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Estate Planning for Minor Children
You should have an estate plan in place as soon as there are loved ones depending on you, but most people ignore this important responsibility. If something happens and no protections are in place, you will be leaving your loved ones in a very difficult position. There are steps that you can take to protect […]
Five Key Facts About Living Trust Administration
Many people do not consider the possibility of creating a trust because they harbor misconceptions about the administration process. In this post, we will share five key facts that will help you understand the value and relative simplicity of living trusts. You act as the trustee. One of the most important things to understand about […]
Don’t Overlook These Estate Planning Documents
A lot of people reduce estate planning to the simple act of drawing up a will. In reality, in most cases, a living trust will be a better choice on many different levels. This is a subject that we will address at a different time, but there are some additional documents that are needed. Letter […]
How Can You Include Your Pet in Your Estate Plan?
Your pet is a member of the family, and from an estate planning perspective, there would be a built-in support system for the pet in place if someone was to pass away. For this reason coupled with the human versus dog and cat lifespans, most people never think about planning for pets. This makes sense […]
Use These Questions to Create an Estate Plan Outline
A lot of people that do not have estate plans in place know that it is important, but they put the matter on the back burner because they don’t know where to begin. With this in mind, if you answer these questions, you will be able to start an initial estate plan outline How do […]
What Is a Life Estate and Why Would I Use One?
There are many different ways to proceed when you are planning your estate, and we endeavor to provide information about all the transfer methods that can be utilized. One of them is a life estate, and we will take a look at this approach here. The Probate Process In order to understand why people use […]
Living Trust vs. Simple Will: Which One Is Right for You?
The most important decision you will make when you are planning your estate is the legal device that will serve as the centerpiece. Many people automatically assume that they should use a will because they have misconceptions about trusts. One of them is the idea that trusts are not useful unless you are a multimillionaire. […]
Are There Different Types of Trusts?
Many people do not understand the fact that there are multiple different types of trusts. They think that trust versus will is a choice between two possibilities. In fact, there are multiple different types of trusts, and they fall under two main categories. Irrevocable Trusts An irrevocable trust is self-explanatory in a general sense. If […]
IRA Estate Planning and the SECURE Act
If you have an individual retirement account, you may have questions about estate planning implications. We will provide an overview in this post, and we also cover some recent changes and additional guideline revisions that are probably going to be passed this year. Traditional vs. Roth Individual Retirement Accounts Traditional individual retirement accounts are funded […]
