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When you begin estate planning, you may hear terms or phrases that sound much alike. You may assume similar-sounding terms are alternate ways of saying the same thing, but there are usually critical differences to understand. For example, some believe the phrase,...
In financial planning and asset management, the terms estate and trust are frequently used interchangeably. However, they represent distinct legal entities with unique purposes and functions. To fully grasp the nuances of trust and estate administration, it’s crucial...
When someone dies, whatever property they solely own becomes their estate. Their vehicle, their house, their furniture and their other assets may all contribute to the total value of their estate. Those assets will generally need to pass through probate court before...
Probate is not only time-consuming but also a lot of work. The person you name as an executor or personal representative will need to inventory all your assets and file the supporting documents with the probate court. They need to communicate with the creditors of...
Estate planning is a vital process that gives individuals control over how their assets will be managed and distributed after passing. One of the most significant assets many people own is their home, often laden with financial and sentimental value. Determining what...
In the modern world, more people are taking a do-it-yourself approach to many elements of their lives. They cut their own hair or maintain their vehicles themselves, to name just two. Doing some things yourself offers advantages, such as ensuring self-reliance and...
A will is a document that specifies how you want to distribute your assets after your death, whereas a trust is a legal arrangement where you transfer your assets. Typically, you use a will to specify final arrangements and select guardians for your minor children. A...
Trustees have a fiduciary duty to manage a trust for its intended beneficiaries or purpose. Generally, this responsibility means they cannot use the trust’s assets for personal gain, such as buying private properties. Failure to uphold this duty may result in various...
Charitable giving refers to donating money, assets or property to nonprofit organizations or charities to support their philanthropic causes. These donations serve crucial social, environmental and humanitarian purposes. But that isn’t all; they can also allow you to...
One of the many advantages of estate planning is that you can designate what you want to happen to your body after you’re gone. While that’s not pleasant to think about, it’s easier to contemplate when you’re still relatively young and healthy than in your final days....