A revocable living trust is a great tool to help your assets pass smoothly to your beneficiaries. It can also significantly reduce the headaches of probate. However, while some assets belong in a trust, others cannot (or should not) go into one.
“Gray divorce” — the unfortunately named term for divorce after age 50 — is increasing among baby boomers.
Homes are illiquid assets that produce no income and come with ongoing costs for upkeep. Those issues can cause some snags with your trust.
A recent survey estimated that 68% of people die without a will. The consequences of dying without a will (‘intestate’) can be disastrous.
The law sometimes appears to contradict itself. Specifically, the words ‘anything and everything’ do not always legally mean ‘anything and everything’.
Among those who do not have an estate plan, 63% said that they have considered creating one in the past and 46% said they do not know how to start.
Dealing with the loss of a loved one is never easy. When inheritances, homes, estates and mortgages are involved, tensions can run high within a family. It is easy to get lost in the paperwork and terms.
Frequent triggers also include changes in the health of executors and guardians; changes in laws, which may impact tax and legal strategies; and changes in state residence, which can also impact planning.
What is an unsupervised administration and why is it better than other types?
In presentations regarding essential actions individuals should take regarding inheritance, emphasis is usually placed on drafting a will. This leaves unanswered what happens to assets that do not pass by will —so called non-probate assets.
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