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A revocable trust is an estate planning tool, also known as a "living trust." The purpose of this legal document is to transfer ownership of your assets while you are still living and of sound mind. Revocable means that the creator of the trust (the "grantor") can...
Choosing a guardian for young children is probably the most important estate planning step for parents. If anything happens to a child’s parent(s), the guardian that they name will assume responsibility for that child and manage their resources until they reach...
When someone passes away, their estate will likely be subjected to a legal process known as probate. If there are no questions as to the validity of someone’s estate documentation or other concerns that would need to be resolved by the court, probate primarily...
There are many reasons that people choose to add a trust to their estate plans. One of the biggest benefits is having a trustee oversee the management and distribution of trust resources. A trustee, who may receive compensation for their services in some cases, will...
Many people think about their will when they consider an estate plan but that’s not the only legal resource that they need to create when crafting an estate plan. Another important reference to prepare when you’re working on your estate plan is at least one power of...
When a piece of real estate switches hands, contingency clauses will often be used in the contracts. This can happen in home purchases, but they can also be used in commercial property purchases. Additionally, they can be used by both buyers and sellers. If you’re...
When was the last time you sat down and took a long hard look at your will? Maybe it’s been a decade, which is likely much too long for an estate plan to stay the same. Or, maybe it’s only been a year, but life can change in the blink of an eye and you may need to...
There are many reasons why a parent may not want to leave much to their children when creating an estate plan. Perhaps they have become estranged from their child and have not spoken to them in years. Such scenarios are common when children develop substance abuse...
You may feel very fortunate to have the opportunity to provide an inheritance for your children or other loved ones. The resources in your name when you die could help your children pay off their mortgages or enjoy a higher standard of living. However, an inheritance...
Movies, TV shows and books mostly only discuss the distribution process of a will, leaving many people with the wrong impression of what estate planning is all about. Estate planning involves so much more than designating beneficiaries to inherit your estate. Here’s...