Deciding to create a revocable living trust as a part of your comprehensive estate plan is an excellent choice for many people, but there are some mistakes you can make that you will definitely need to avoid. Living trusts, like all other estate planning tools, depend upon your ability to create them properly and maintain them over the years. A good living trust is one you pay attention to, not one you ignore. an experienced and qualified estate planning attorney will provide you with guidance … [Read more...] about Living Trust Mistakes to Avoid
Trusts
Yes, You Need To Update Your Living Trust
If you’ve created a revocable living trust, you shouldn’t make the mistake of ignoring it once it’s finished. A good estate plan is a living estate plan, and one that you need to care for just as you would anything else that needs regular attention. Our lives change. Sometimes they change for the better, sometimes for the worse, but they are never the same from day to day. Of course, your living trust isn’t something you need to update all the time. It’s a fairly flexible document, but that … [Read more...] about Yes, You Need To Update Your Living Trust
Why Your Living Trust Alone is Not a Complete Estate Plan
One feature of the Internet is that a world of information is just a few keystrokes away. Unfortunately, this ease of access to information is also a potential hazard, especially when you rely on incomplete information. Creating an estate plan requires you to have multiple elements, each of which serves a specific purpose. Some who research estate plans on the Internet come to believe that they can, for example, create a complete estate plan simply by creating their own revocable living trust. … [Read more...] about Why Your Living Trust Alone is Not a Complete Estate Plan
Florida Widow’s Probate Problems
Even though she and her husband had been married for 53 years, a Jacksonville, Florida widow has been unable to withdraw the money out of the savings account her husband had with a national bank. Julia Bolena lost her husband about 16 months ago, and ever since has been fighting with the bank to try to recover the money in his savings account. Though the two had a joint checking account with the bank, the savings account was only in Mr. Bolena’s name and he had apparently not named his wife as … [Read more...] about Florida Widow’s Probate Problems
When You Need to Revoke Your Living Trust
Though it doesn’t happen very often, there may come a time when you might want to revoke your living trust. Revoking a living trust is relatively straightforward, though it does require you to perform some specific steps. You should always speak to an experienced and qualified estate planning attorney before you decide to revoke, but after that, if you decide that revoking your trust is appropriate, you can then take the steps your lawyer outlines for you. Here is an overview of the … [Read more...] about When You Need to Revoke Your Living Trust
2 Essential Estate Planning Tools: A Will and a Revocable Living Trust
A good estate plan fits your individual needs, and as a result, no two estate plans are identical. However, there several estate planning tools and that almost everyone needs to include in their plan. Two of the more important are a will and a living trust. Will A last will and testament, usually called a will, allows you to choose who you want to inherit your property after you die. You can also choose an executor to manage your estate, create a trust that will protect property for minor … [Read more...] about 2 Essential Estate Planning Tools: A Will and a Revocable Living Trust
Some Common Misperceptions About Living Trusts
A living trust, also called a revocable living trust or an inter vivos trust, gives you the ability to make post-death property transfers much more easily than you would if that property had to go through probate. While living trusts also allow for other benefits, there are many commonly held misperceptions about these devices floating around out there. Here is a quick list of some of the more commonly believed living trust myths. Because I have a living trust I won’t have to pay estate … [Read more...] about Some Common Misperceptions About Living Trusts
Your Living Trust and Your Trustee – 3 Options
Many people in California choose to create a living trust as one of the primary tools in their estate plans. While these trusts offer excellent benefits, you must be certain that you choose the right trustee for your needs. There are several different types of trustees available to you, and you should evaluate each option before you make your final choice. Yourself You can act as your own trustee when you create a revocable living trust. In order to be a trustee you must be mentally sound, … [Read more...] about Your Living Trust and Your Trustee – 3 Options
Using a Living Trust in Emergencies
You may know that living trusts provide the benefit of being able to almost completely avoid the requirement that your property pass through probate before your inheritors receive it, but living trusts also offer you the opportunity to ensure that your property is properly managed should something happen to you. Like a power of attorney, you can use a living trust to have someone manage your property if you are suddenly injured, fall ill, or otherwise rendered incapacitated. Here’s how it … [Read more...] about Using a Living Trust in Emergencies
Thinking of Charitable Giving? Consider a CRT
Estate planning is more than creating a will or thinking about the kinds of advance medical directives you want to have in place. It’s also about considering how you want to be remembered after you die and whether you want to make charitable donations a part of your legacy. If you are thinking of giving to charity through your estate plan you may want to consider a CRT, short for a charitable remainder trust. While these trusts are a little complicated and you should discuss them in more depth … [Read more...] about Thinking of Charitable Giving? Consider a CRT
