If you’re the executor of someone’s estate, one of the first orders of business is locating the original copy of their will – because that’s what the court generally needs to see when probate is opened. What do you do, however, if all you have is a copy and you aren’t...
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Wills And Trusts
What’s a dynasty trust?
Trusts have become more popular in recent years, as people increasingly realize that they can accomplish numerous different goals – including helping families of significant means safeguard their wealth and create a lasting financial legacy. A dynasty trust is a type...
I know what a will is, but how is it different from a trust?
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...
3 kinds of assets people often prefer to manage with a trust
People add trusts to their estate plans for numerous reasons. Sometimes, their goals are very practical, such as avoiding certain forms of taxes or being able to qualify for certain benefits later in life. Other times, goals have more to do with what will happen to...
Why should new parents consider a pour-over will?
Right in the midst of celebrating new life and the birth of their first child, many parents find themselves contemplating their own mortality. If you are a new parent, naturally, you want to make sure that if anything happens to you before your child is grown that...
Common examples of undue influence in will drafting
Whether a will is being drafted for the first time or modified, it must accurately reflect the wishes of the testator. There may be several parties with an interest in the will, but they cannot modify its terms or coerce the testator into making changes. Putting...
Should you have more than one trust in your estate plan?
Once you decide it’s time to start your estate planning, you have many options to consider. For example, you may discover you need more than a simple will to meet your and your family’s needs. You probably know you can add a trust to your estate plan, but did you know...
What is a codicil to a will, and how does one work?
A codicil modifies or adds to a previously executed will. It is a legal document you can use to make minor changes to a will, such as changing the executor, adding or removing beneficiaries or altering specific gifts. A codicil operates as an amendment to a will. You...
Why married couples need separate wills
Many long-married couples who want to make their estate planning simple and cost-effective think the best way to do that is to have a joint will. They often picture one document developed and signed by both spouses stating their wishes for their assets – most, if not...
What happens to a trust after its beneficiaries die?
People create trusts as part of their estate plans for many reasons. Perhaps they have a family member with special needs or a history of substance abuse that they want to protect from the risks of a lump-sum inheritance. Maybe they have a blended family and want to...