If you have been planning for your assets, and who you’d like them to go to, you’ve probably run across trusts. There are several types of trusts, as well as several reasons why you’d use one to protect your assets, and ensure they go to the right entity. Choosing the right type of trust is vital, as there are significant differences in how they operate. One of the most common versions of a trust is a revocable living trust.
When someone dies, and they do not have a trust set up, their estate goes into the probate. This is a process where the court decides how the estate is divided among heirs and creditors. Many people owe bills to credit card companies, medical facilities, and others when they die. A question many people wonder about is: What happens to unpaid bills in a probate matter?
For some people, estate planning means instituting a trust. While there are several types of trusts that can be funded and put into place, choosing the correct trust is essential to reach your goal. Every trust must designate a trustee. If the Trustee happens to be you, you will have certain duties that need to be carried out. Read on, as we will explain what those duties entail.
Time flies, or so they say. One minute, you are raising a baby, and the next, that baby is a full-grown adult. There are a lot of things that go along with becoming an adult. Going away to college, living independently, and traveling all come along with adulthood. Despite your adult child’s newfound independence, they still may rely on you as their fall-back protection, should things go wrong. If you find yourself in this position, you may want to consider having your adult children give you power of attorney, both financially and medically. And here is why:
Most people who own pets consider them part of the family. While they may not factor into your estate planning, they should, in order to ensure they’re being taken care of properly. Of course, you can’t leave property to your pets, as they’re not capable of owning it. However, there are other things you can do to make sure they’re happy and living the good life after you’re gone. Your estate plan can ensure that your pets go to a caring person, and that the person has the resources to take care of them.
Establishing a living trust is a normal part of estate planning for many people. The idea of being able to benefit from and control the assets in the trust until your death is an attractive one. In a living trust, a person appoints a trustee, who oversees the trust after the person dies, administering it as the grantor wished. As mentioned, the grantor can make changes to this type of trust up until the time of either their incapacitation due to illness or death. However, what happens with the trust after the grantor’s death?
Protecting your assets from things such as lawsuits, Medicaid recovery, and creditors is an important part of estate planning. Generally, people want their assets going to loved ones or beneficiaries they choose. There are a number of ways to do this, and make sure your assets are protected. Whether a trust is right for you depends on what you want to protect and from whom.
If you have been planning for your future, the protection of your assets, and who you’d like them to go to, you’ve probably run across the legal concept and tool of trusts. There are several types of trusts, as well as several reasons why you would use one to protect your assets, and ensure they go to the right entity. Choosing the right type of trust is vital, as there are significant differences in how each trust operates.
As we age, planning for our estates and end of life care becomes increasingly important. Part of this planning may include the possibility of being incapaciatated, and requiring someone else to make important decisions regarding your health or assets. There are, of course, options for this kind of thing, including conservatorships and powers of attorney. Which is right for you? That depends on your situation.
If you have recently lost a loved one, you may have heard the word “probate” thrown around. You may not know what it means, or what happens during a probate court hearing. If that’s the case, you’re in the right place.