A simple will works for some people, but it's not for everyone. For those is in a second marriage, have minor children, or are concerned about fraud, a trust may serve you much better. There are some simple estate planning techniques that you can use to avoid probate and simplify things for your heirs when you die, for example: adding beneficiaries to your retirement accounts or adding transfer on death (TOD) Read More
Why Small Business Owners Need an Estate Plan
Running a small business can keep you busy, but it should not keep you from creating an estate plan. Not having a plan in place can cause problems for your business and your family after you are gone. While an estate plan is important for everyone, it is especially important for small business owners. Planning allows you to dictate what will happen with your business after you die or are no longer able to manage Read More
Understanding the Common Types of Trusts
A trust is a legal arrangement through which one person (or an institution, such as a bank or law firm), called a "trustee," holds legal title to property for another person, called a "beneficiary." Trusts fall into two basic categories: testamentary (created by your will at death) and inter vivos (during your lifetime). A testamentary trust is one created by your will, and it does not come into existence until you Read More
What Happens To a Family With No Estate Plan?
Estate Planning is the process of working with an attorney to create a legally-binding plan for what will happen to your remaining belongings and assets after you pass away. The bedrock of an Estate Plan is a Last Will and Testament. It dictates what the individual wants, as well as how they would like it accomplished. So what happens when someone passes away without an Estate Plan? Let’s take the case of Sam as an Read More
3 Different Types of Trusts To Fit Your Needs
We’ve written before about the benefits of using Trusts in your Estate Plan. Estate Planning is the process of working with an attorney to create a legally-binding plan for what will happen to your belongings, property, and money after you pass away. Estate Planning can be accomplished through many methods, including Trusts. A Trust is a fund that is managed and protected by a third-party. It is funded by you, to be Read More
