We endeavor to take a comprehensive approach to providing useful estate planning information to people here in the greater Smithtown area. One way that we go about it is by passing along a steady stream of relevant content right here on our firm's blog. In addition to this ongoing series of articles we have also prepared a number of very informative and comprehensive estate planning reports. Right now we are making access to our report on living trusts available to members of the …
What Do I Need to Know about Choosing Trustees and Other Trusted Helpers?
Trustees and other trusted helpers are essential to your estate plan. They carry out day-to-day duties when you cannot, either because you’re incapacitated or have died. Your estate plan likely needs trustees, personal representative (i.e. executor), guardians for minor children, health care agent, and financial agent. First, before naming any trusted helper, get his or her permission. Describe the duties of the role and insist that they sleep on it, instead of accepting the role without …
How are Changes Made to My Trust?
Changes are part of the estate planning process, specifically your trust. Once you complete your estate plan, life continues to unfold. Children grow, assets change, we move, we get married or divorced and have more babies. There may be a disability or a death, and laws will continue to change. All of this means that changes should be made to your trust on a regular basis. There are two ways that your trust can be changed. 1. Amendment 2. Restatement Amendment An amendment …
A Living Trust Cannot Do This for Your Estate….
A living trust is a powerful estate planning tool, it allows property owned by the trust to avoid probate, it keeps finances from becoming public and it can be an important aspect of incapacity planning. Advertisements touting the benefits of a living trust are everywhere, but despite their promises, there are five things a living trust CANNOT do for an estate. 1. Protect your assets from creditors: Since a Living Trust is revocable, meaning terms of the trust can be changed and the …
Top Three Reasons People Choose Living Trusts
People sometimes hear about "trust fund babies" and automatically assume that trusts are only useful for very wealthy people. Those of us who have been able to accumulate a great deal of wealth throughout our lives can indeed benefit from the creation of a trust. However, a trust need not be funded with enough money to make the beneficiary independently wealthy throughout his or her life. Trusts are actually viable options for people who are not extraordinarily well-off. Below are the top …
Don’t Assume When It Comes to Revocable Living Trusts
As we have pointed out in previous posts there are marketing websites on the Internet that sell generic legal documents including last wills. They also sell downloads and worksheets that you can use to create revocable living trusts. There are many reasons why you would do well to take pause before using an online tool to create estate planning documents (or any other legally binding documents for that matter). However, we would like to focus on something else here. How do you know that a …
Wills Can Be Used in Combination
There are many different legal devices that may play a role in your estate plan. Exactly what combinations would be appropriate is going to depend on your unique situation. With the above in mind you would do well to understand the fact that your estate plan is not complete if you choose to execute a last will. Yes, you can state your wishes regarding the distribution of your financial assets with this device. You can also include your choice of executor or executrix. In addition, if you are …
Living Trust vs. Medicaid Trust: What’s the Difference?
One of the most commonly utilized vehicles of asset transfer is the revocable living trust. These trusts are very popular because they facilitate the transfer of assets outside of probate. When you use a last will to direct the transfer of your assets the will must be admitted to probate. Probate is the legal process of estate administration. The heirs to the estate don't receive their inheritances until the estate has been probated and closed. We should emphasize the fact that probate is not …
DIY Last Wills: Don’t Be Fooled
The Internet provides us with a lot of great information, and it has certainly transformed the way that we live our lives both personally and professionally. You can indeed find out how to do many things on your own by doing some research online. But at the same time, it is important to make sure that you do not allow a little bit of information to become a dangerous thing. This enters into the equation when it comes to estate planning. Websites exist that sell you downloads and worksheets …
What Happens to a Living Trust When One Spouse Dies?
When you understand all of the facts you may decide that you would prefer a living trust to a last will. A revocable living trust will facilitate an efficient transfer of assets to your heirs outside of probate. Probate is a legal process that provides certain protections, but it can be time-consuming and costly. The public can access probate records to find out what went on during the process, and this loss of privacy is another concern for many people. The utilization of a living trust …
Are You Choosing a Trustee?
The anatomy of a trust involves the selection of a beneficiary or beneficiaries and a trustee. As the name implies, the beneficiary benefits from the resources that have been conveyed into the trust. The trustee is empowered to manage and administer the funds that have been placed into the trust. There are various different types of trusts, but we would like to look at the revocable living trust here. With these trusts you as the grantor may serve as both the trustee and the beneficiary while …
Will Forgery Is a Crime
During the probate process interested parties have the opportunity to challenge the validity of the will that has been presented. Sometimes an individual is simply disgruntled. A family member or some other interested party may feel as though he or she was not treated fairly. It is possible that an objective observer would agree with this perspective. At the same time, you can leave your assets to anyone you choose and leave out anyone you choose. The only way a will could be deemed invalid is …
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