Irrevocable Trust FAQs
Irrevocable Trust FAQs An irrevocable trust is often a confusing estate planning document to many people. In this article, we will go over commonly ask irrevocable trust questions to help you better understand them and how they work. What is an Irrevocable Trust? An irrevocable trust is a type of estate planning document. It avoids probate. But you cannot change it once you sign it. You also lose control over any assets placed into [...]
Probate FAQs
Probate FAQs Probate is a complex legal process and leaves many people confused and with unanswered questions. In this article, we will go over probate FAQs to help guide you along in the process. What is Probate? Probate is the court-supervised process that is often necessary to distribute assets after someone passes. It becomes necessary if someone passes with or without a will. Most banks and financial institutions require court approval documents to give [...]
Choosing Your Trustee
Choosing Your Trustee A trustee is an entity or a person who you appoint to manage your trust after you can no longer manage the trust yourself. For a Revocable Living Trust, this person is your successor trustee. In this article, we will go over what you need to know for successfully choosing your trustee. Duties of a Trustee A trustee is a fiduciary. This means the trustee must act in the best interests [...]
Things Living Trusts Do Not Accomplish
Things Living Trusts Do Not Accomplish Living trusts are very helpful and essential estate planning documents. With a living trust, you are able to avoid probate and keep your affairs in order while you are ill and when you pass. Unfortunately, they do not accomplish everything, and it is important to be aware of their limitations. In this article, we will go over four things that living trusts do not accomplish. Do Not Dictate [...]
What Happens When You Don’t Have a Trust
What Happens When You Do Not Have a Trust Many people wonder what the exact benefits of having a trust are. One of the best ways of illustrating the benefits is to go over exactly what happens when you do not have a trust. In this article, we will go over two different scenarios: if you pass with a will and without a will. These scenarios are based on probate laws in the State [...]
Irrevocable Life Insurance Trust
Irrevocable Life Insurance Trust An irrevocable life insurance trust, or ILIT, is a special type of irrevocable trust. It can be used to help avoid paying estate tax due to large life insurance policy proceeds. In this article, we will go over the basics of how an irrevocable life insurance trust works. The Basics When you create an irrevocable life insurance trust, you set it up for the sole purpose of owning a life [...]