When it comes time to create an estate plan, one option to consider is a trust. A trust is a legal arrangement that allows you to appoint someone to handle your assets for the benefit of your beneficiaries. Many benefits exist to having a trust. One benefit of utilizing a trust in your estate plan…
Wills, trusts and estate plans are documents that outline how you want your assets and property to be distributed after you pass away. Although many people think of these documents as though they are set in stone, they are actually meant to be updated from time to time. When should you update your will, trust…
Estate planning is often dramatized in pop culture; a wealthy but mysterious family member passes away, summoning distant relatives to a dimly lit room for a reading of the will and a chance at unknown riches. But does this trope hold true? Does a person have to have a minimum amount of assets to create…
When it comes to estate planning, the more specific your plan is, the better. If you have a living trust, you may wonder if this document is enough or if you should consider a secondary document like a will. Although living trusts are a powerful estate planning tool, there are several reasons to consider creating…
“Trust” is a blanket term for the legal tool that allows individuals to transfer assets to a beneficiary and be managed by a trustee. Did you know there are several types of trusts, each with its own unique benefits (and requirements)? What are the 3 main types of trusts? Revocable Trusts Also known as a…
A well-designed estate plan becomes a safety net in the event of your incapacitation or death. It can ensure that your assets are distributed in accordance with your wishes and that your loved ones are well cared for, even when you are not around to do so yourself. What makes up a well-designed estate plan?…
A trustee is an individual or entity appointed to manage a trust on behalf of its beneficiaries. As such, being a trustee comes with significant responsibilities in order to fulfill their duties. What are the duties of a trustee in administering a trust? Managing Assets A trustee’s primary responsibility is to manage the trust’s assets…
When a loved one passes away, managing their financial affairs may not be top of mind, but it should be at the top of your To Do list. Staying on top of bills and expenses associated with the deceased’s estate is critical, but it can also be complex. How do you navigate handling these remaining…
When it comes to estate planning, many people focus on creating a will or trust to ensure their assets are distributed according to their wishes after they pass away. While a will or trust is an essential and core part of an estate plan, it is also important to designate beneficiaries on your life insurance…
For many people who do not have children, estate planning may not be at the forefront of their mind. If you do not have children, do you really need a will? The answer is that estate planning is something to consider at any stage of life, whether you have, or intend to start a family.…
