Avoiding probate is just one of the many possible benefits of creating a revocable trust. A revocable trust allows for you to account for your assets during your life, addressing how your trust assets are protected during various situations that an individual may face in their lifetime (i.e. during periods of disability, upon the [...]
The cost of creating a revocable trust outweighs the potential costs of the probate process and other costs that one may incur if a revocable trust is not in place. In Massachusetts, the probate period spans for at least one year, allowing such time for creditors to make their claims against an estate. Probate [...]
The Power of Attorney document allows someone to legally act on your behalf while you’re still alive, making it one of the most important documents you’ll ever sign! If you have not created a Power of Attorney, the only way for another person to gain the authority to act on your behalf is by [...]
Revocable trusts do not offer asset protection, since there are no restrictions on the trustmaker’s to access the trust assets. If an individual would like to protect their assets, the use of a different estate planning tool would be suggested including various forms of irrevocable trusts. Irrevocable trusts provide asset protection since the trustmaker [...]
Extremely valuable tangibles, financial or emotional, should be incorporated into your Will or Trust as specific distributions. Tangibles that could cause conflicts in the family should also be written specifically into your plan, to avoid claims of fraud or abuse. However, for most of us, and for the majority of our tangibles, they do [...]
With technology’s rapid advancements, we have become more accustomed to keeping many of our assets online, via social media, email and other web-based storage. Although you may not think about these as “assets”, it will be important to your loved ones to have access to these accounts upon your death or disability. Part of [...]
Many client plans incorporate the use of ongoing trusts to oversee distributions to the beneficiaries, whether it be until a certain age or for life. The trustee is tasked with approving distributions to beneficiaries and making sure that the distributions are allowed under the terms of the trust. This relationship can often be a [...]
nbuzz When you have minor children, a Will is extremely important in order to name a guardian for your children. The guardian handles the day-to-day care and custody of the child. Minor children are unable to inherit most property and assets directly. Therefore, under a Will-based plan, a conservator would need to be appointed [...]
Estate Planning For Young Adults
No! Retirement accounts, like a 401(k), 403(b), or Individual Retirement Account (IRA), must stay in your individual name and an RLT cannot be the owner of such account. If you were to change the ownership to a Trust, the retirement account would have to be cashed out, and a trust-owned non-retirement investment account would [...]
