Not everyone needs a trust because there are other options and, in some (limited) circumstances, a trust may not be warranted. Wait…What Do You Mean When You Say Not Everyone Needs A Trust? If you’ve been doing research on estate planning, you’ve likely read article after article discussing the importance of a trust, how trusts work, and the pros and cons of different types of trusts. It may sound like absolutely everyone needs a trust. But, there are other options and, in some (limited) circumstances, a trust may not be warranted. As always, please consult your lawyer before you decide what option(s) are best for you. This post is designed to be a general education tool, does not constitute legal advice,…Read More
What This Post Covers: Why does the type of trust matter? What types of trusts are there? What about a pet trust or other terms? What To Consider In Setting Up A Trust After reading all about how wonderful trusts are, you may have decided to go ahead and get a trust set up. So, what’s the next step? If you’ve decided to work with a lawyer, your lawyer should go through your financial circumstances and your wishes for how you want your estate handled. After reviewing that information, your lawyer will be able to recommend the type(s) of trust(s) which are best for you. From there, you can move forward with getting your trust (and perhaps other estate planning…Read More
What’s The Fuss With Revocable Living Trusts, Anyway? If you’ve looked into estate planning, chances are you quickly came across revocable living trusts. These trusts reign as the king of estate planning tools. But are revocable trusts worth the expense or is it all just hype? The short answer is that revocable living trusts really are just that good. There are a number of reasons to establish a trust and several of them are explored below. Please note that these are not all of the benefits that a revocable living trust can offer, but these are some of the key reasons to consider establishing a trust. Avoid Probate With A Revocable Living Trust Probate is the court process for the…Read More
About Estate Planning At its simplest, estate planning ensures YOUR wishes are followed and makes the estate process as easy for your loved ones as possible. An estate plan will help you reach your goals, whether you want to avoid probate, minimize taxes, ensure your children are taken care of, or enforce your wishes regarding medical treatment even if you are unconscious. There are a variety of legal estate planning tools you can use. Some of the more common tools include: Revocable living trusts: A revocable living trust is a trust that you can change or revoke if you (and your spouse, depending on the circumstances) are alive. These trusts are very popular since they allow your assets to pass…Read More
