One of the many factors to consider when setting up a trust is whether to make it a grantor trust or a non-grantor trust. While a grantor trust is more common, a non-grantor trust can be useful in certain circumstances.
Being asked to serve as the trustee of the trust of a family member is a great honor. It means that the family member trusts your judgment and is willing to put the welfare of the beneficiary or beneficiaries in your hands. But being a trustee is also a great responsibility. You need to go into it with your eyes wide open. Here are six questions to ask before saying "yes":
Revocable trusts are a very popular and useful estate planning tool. But the trust will be ineffective if you do not actually place your assets in the trust.
A trust is a legal arrangement through which one person (or an institution, such as a bank or law firm), called a "trustee," holds legal title to property for another person, called a "beneficiary."
No parents want their children to fight among themselves after they are gone. Sadly, conflicts often arise, especially when a parent has gifted or loaned money to one child and not others. However, a few key words in your estate plan can minimize the potential for conflict.
As a Crossville estate planning attorney, I would like to share some remedies to consider when you find yourself dealing with an untrustworthy trustee.
If you don't have a will or trust, you have no control over how your estate is distributed.
A Revocable Living Trust can be the best way to pass your estate to your heirs, in the way YOU want it to. An experienced, knowledgeable trust attorney is who you need to design the right trust for your unique situation.
When creating an estate plan, the main decision is how your assets will be distributed after you pass away. Understanding "per stirpes" and "per capita" distribution is key to that decision.
Why is the revocable trust so appealing? You can change it whenever you'd like. You do not have to have a lot of money or assets in order to benefit from the use of trusts, according to Barron's in “Why a Trust is a Great Estate Planning Tool – Even if You're Not Rich.”
Protect your assets from being mishandled. As you prepare an estate plan, consider a look at creating trusts to protect assets through the generations, according to the Times Herald-Record in “Leaving inheritances to trusts puts you in control.”
Trusts have been around for a very long time and it is important to understand how they work. A trust can be quite complicated. That is why you need good legal representation in order to use one properly, according to the Pittsburgh Post-Gazette “Do I need a trust?” Trusts are created by the ...
So, which trusts will work for you? There are many ways to use various trusts within an estate plan and it most likely will be beneficial to learn which ones will help achieve your goals, according to The Daily Sentinel in “Are you prepared for threats to your estate?”
Amendment can become quite complicated, so proceed with strong legal advice. Most trusts are amendable. However, it is a good idea to make sure before you begin the move, according to The Times in “Estate Planning: Who can amend a trust?”
You may create a trust online or in other ways, but is your trust funded? Trusts must be funded, but that does not mean just putting money in them. It means transferring the title of property to the trust, according to the Times Herald-Record in "How to transfer assets to a trust."
Individual circumstances determine the best type of trust to fit your unique circumstances. Much of the confusion over trusts, is a result of some impressive sounding names that do not actually describe what the trust accomplishes. Therefore, deciding on which type of trust is the best...
Some estate battles are predictable and quite costly to both finances and family. If the main instrument used to distribute an estate is a will that has to go through probate, the legal issues can often lead to huge battles that could be avoided by using a trust, according to the Times Herald-Record...
A living trust can become a problem, if it isn't created with good advice. A living trust needs careful preparation or an estate may face probate, according to the Napa Valley Register in "Avoid this living trust problem."
Many of the problems that arise in managing an estate can be avoided by careful planning. Some of the friction within the family and difficulties in dealing with an estate can go more smoothly, if you know a few things about estate planning and your goals, according to The Register-Guard in ...
A trust can solve a lot of problems, if you are the primary provider and pass away. A good way to make sure your family gets the money they need to meet bills and expenses after you are gone is to avoid probate, according to The New York Times in "Life After Your Death? Why You Should Have a...
To Kill a Mockingbird put author in the limelight, but she quickly stepped out of it and has remained out. When Harper Lee, the author of To Kill a Mockingbird, died in 2016 there was considerable publicity as writers attempted to uncover all the details of her life. They met with little success...
Wills and trust often go hand-in-hand, when it comes to estate planning. Should you decide to use an online service instead of going to an estate planning attorney, you may find yourself with a trust but then learn you also need a will, according to the Lake County News in "The difference...
Create a second trust and the first is revoked? It doesn't work that way. A common question was presented to a column about trusts, according to the NWI Times in "Can an individual establish more than one trust?" The question was if a second trust wipes out the first trust.
Even if your estate is small, you should consider a living trust. The probate process is very different, depending on your state of residency.