Estate planning is not a one-time event. Your initial estate plan is going to be devised based on the way that your life was at that time. It is like a snapshot, but life goes on after that day. As your life changes, your existing estate plan could become obsolete. As a result, estate planning should be viewed as an ongoing process. If you used a will when you put an initial estate plan in place because your family was small and your life was uncomplicated, this is understandable. At the same … [Read more...] about Why Would I Need a Trust if I Have a Will?
Do I Pay Taxes on Living Trust Income?
When you understand some things about estate administration, you can see why so many people decide to use revocable living trusts. If you hold on to your property throughout your life and arrange for its distribution through the terms of a last will, the heirs to the estate will have a significant waiting period on their hands. The estate administration process takes place under the supervision of the probate court. After your passing, the executor or personal representative would be required … [Read more...] about Do I Pay Taxes on Living Trust Income?
Should I Have a Durable Power of Attorney?
Should I Have a Durable Power of Attorney? from Roy W. Litherland Powers of attorney are often used within the legal field. Learn more about durable power of attorney in california in this presentation. … [Read more...] about Should I Have a Durable Power of Attorney?
Should I Use a Corporate Trustee?
When you are planning your estate, you may want to consider the utilization of a revocable living trust as a vehicle of asset transfer. If you have a revocable living trust in place, you can continue to control the assets while you are alive and well. At first, you can act as the trustee. The trustee is the person who administers the trust. As the trustee you would control the actions of the trust throughout your life. The beneficiary of the trust receives monetary distributions from it. You … [Read more...] about Should I Use a Corporate Trustee?
Revocable Living Trust in San Jose: Who Should I Name as Successor Trustee?
When you are planning your estate, you may want to consider the creation of a revocable living trust. For the most part, these trusts are popular because they facilitate the transfer of monetary assets outside of the process of probate. Your estate must be probated when you use a last will rather than a trust to express your wishes regarding the distribution of your resources after you die. The probate process comes along with some significant pitfalls. Most people are going to want to … [Read more...] about Revocable Living Trust in San Jose: Who Should I Name as Successor Trustee?
The Importance of Incapacity Planning
THE IMPORTANCE OF INCAPACITY PLANNING Who Will Manage Your Health Care Decisions? For most of our lives, the greatest risk to our well-being is the ever-increasing likelihood of becoming seriously ill or injured. When illness or injury makes us unable to manage our own affairs, we may face the legal ordeal of a Conservatorship which can be a living nightmare for those who must go through it. Many people fail to plan ahead for their possible incapacity because they think it only happens to … [Read more...] about The Importance of Incapacity Planning
Attention to Detail Is Key When Planning Estate
There are a plethora of details to attend to when you are planning your estate if you want to be comprehensively and effectively prepared. Simply looking for the easy way out is a recipe for disaster. Speaking of easy ways out that can yield disastrous results, you would do well to take pause before trying to construct a last will using an online tool. Experts have weighed in on the subject, and unintended consequences can result when you try to go this route. Additionally, as a layperson are … [Read more...] about Attention to Detail Is Key When Planning Estate
Revocable Living Trusts Are Preferable To Many
It is important to retain the services of a highly qualified San Jose estate planning lawyer when you are an area resident making plans for the future because there are numerous estate planning choices. A lot of people immediately think of the last will when they consider a vehicle of asset transfer, and though they may have heard of trusts, they may think that trusts are only appropriate for people of extraordinary means. In fact, utilizing a trust to transfer assets to your loved ones can be … [Read more...] about Revocable Living Trusts Are Preferable To Many
Trust Administration: Educate Yourself
The key to successful estate planning is expertise. When you work with a good estate planning attorney to gain a thorough understanding of all the factors involved, you can make intelligent and informed decisions for the well-being of your loved ones. Some people are under the impression that you can use some kind of generic template document that you find online to execute a last will on your own. In fact, there is a lot more to it than filling in the blanks on a worksheet, and a last will is … [Read more...] about Trust Administration: Educate Yourself
Provide Your Representative with Pertinent Information
The matter of estate administration is something to take into consideration when you are making preparations for the inevitable. Who would actually handle the hands-on tasks that will be involved in making your wishes come to fruition? When you use a last will to direct future asset transfers, the executor or executrix will be the individual who is charged with these responsibilities. The duties can be quite extensive if you have a great deal of property that must be prepared for distribution … [Read more...] about Provide Your Representative with Pertinent Information
