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...
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Wills And Trusts
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...
Should you tell someone you have disinherited them?
Taking someone out of your will can be a challenging thing to do. However, some situations may call for disinheritance. But, should you inform the person you want to disinherit about your decision? This guide discusses this matter and may give you a few things to...
What can trusts do?
Estate planning can be beneficial to all adults. The process centers around putting your final wishes into legally binding documents. This way, your assets can be distributed according to your wishes upon your death. One term that you might have heard is trust. What...
2 reasons people may choose to create a generation-skipping trust
Trusts are useful inclusions in many people's estate plans. They can help someone achieve their personal legacy goals, from setting up a charitable resource for disadvantaged college students to providing for a family member with special needs. The intent of a trust...
Why set up an age-based trust?
There are many ways to use a trust. One example is to use a discretionary trust, where the trustee gets to work with the beneficiary to make decisions on how the money is spent. Another option is to choose a specific focus. Maybe you want the trust to help your heir...
3 things you should know about trusts
Creating an estate plan that moves your assets to your beneficiaries when you pass away isn’t always easy because you have to face the fact that you won’t be around forever. Many people think that writing out a will is sufficient; however, that’s not always the most...
Why would you cut someone out of your will?
If you’re creating an estate plan, you do not have to include everyone in your will. But cutting someone out who expected to inherit is called disinheriting them, and it must be done carefully. It is usually best to use a disinheritance clause so that it makes your...
Pros and cons of funding spendthrift trusts
As you mull your options regarding estate planning, one choice worth a second glance could be trust funds. There are multiple options in that genre, but a particularly useful one is a spendthrift trust. Its name alone might give you pause but reading up on the pros...
Why you need legal guidance when drafting your will
Estate planning is one of the most important aspects you’ll ever address in your life. Having a sound estate plan can ensure that you always receive the medical care and support you need, and it also means that your loved ones will gain an inheritance. However, it...