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When doing estate planning, a trust is a useful vehicle to place assets like real estate. Inter vivos trusts are funded during the life of the trust grantor and allow them some flexibility and control over their assets. Read more below to see whether placing property...
It is possible to write your own will, and for some people, this option offers a straightforward way to make final wishes clear. A will allows you to name who should receive your belongings, who will carry out your instructions and who will care for dependents, if...
Charitable trusts can be a valuable tool in estate planning. They allow individuals to support causes they care about while also gaining potential tax benefits. Here are the most common types of charitable trusts used in estate plans. Charitable remainder trusts A...
Some of the most important decisions people make as they create their estate plan have nothing to do with who will receive their assets. For example, determining who will advocate for your wishes when you’re gone or if you are unable to speak for yourself is a crucial...
When it comes to dividing up an inheritance, assets do not necessarily have to be divided between beneficiaries. This is often the case, as financial accounts may be split evenly or specific tangible assets may be given directly to one beneficiary, while another...
During the estate planning process, it is important to have someone in charge of managing and executing your wishes regarding both physical and digital assets. For a digital estate plan, this responsibility often falls to a digital fiduciary—a trusted individual or...
An estate plan helps people establish a legacy after they die. Some estate plans consist of just a will. Others may involve multiple different documents that address both the possibility of dying and the potential of an incapacitating medical event like a stroke. Many...
When a will is drafted, the testator can name an executor. The executor is responsible for distributing assets to beneficiaries and settling the estate. An executor can be anyone of legal age. Many testators name their spouse or a sibling as their executor. These...
Before delving into what transpires when you pass away without a living will, it's essential to understand the significance of this legal document. A living will, also known as an advance healthcare directive, is a key tool for expressing your medical preferences when...
Probate court can be a frustration for the family members involved. The executor or personal representative of the estate needs to honor numerous responsibilities until they complete the probate process. Family members may have to wait months or sometimes longer than...
