Estate planning is all about ensuring that your wishes are met after your death. All estate plans should include a will and powers of attorney. However, in many cases, a trust has additional benefits beyond what can be accomplished with the will and powers of attorney.
These all-too-common misconceptions can steer your estate plans in the wrong direction right from the start. Here’s how to overcome them and tips to build the right plan for your family.
Tenancy by the entirety, commonly abbreviated as TBE, is an ownership structure for real estate that’s used when the owners are a married couple. Under a TBE arrangement, each spouse owns an equal interest in the property, and the property will transfer seamlessly to the surviving spouse, in the event of one spouse’s death.
A will itself is a legal document that describes the process of splitting up one’s personal property and possessions among family and loved ones.
When creating an estate plan, it may be necessary to name a trustee to handle your assets.
Only you know the strengths and weaknesses of your family members, putting you in the best position to decide if your spouse or your child can appreciate a trustee’s responsibilities.
For most of us, considering the distribution of the property we have accumulated over our lives is a painful reminder of our mortality.
Planning for unfortunate events is particularly critical in the era of Covid-19.
What happens when a decedent’s will or trust does not provide for a decedent’s child?
If you have lost your spouse during this time, there are so many issues you must address–funeral arrangements, meeting with lawyers and accountants and dealing with finances. All of this comes on top of dealing with the emotional loss.
Copyright © 2023 Ozarks Legacy Law. All rights reserved. Some artwork provided under license agreement.
