Laypeople often think about estate planning as something that is resolved after you execute certain documents. While it is true that you must state your final wishes in writing, you should also consider the estate administration process that will unfold after you are gone. In the trust declaration, you name a successor trustee to administer the vehicle when the time comes, and your heirs would be the beneficiaries. It is possible to use someone that you know personally to act as the trustee, … [Read more...] about What Are Fiduciary Services?
When you find out all the facts about last wills, you will probably be interested in alternatives. What’s wrong with a will as an asset transfer vehicle? The short answer is that that a will must be admitted to probate, which is a costly, time-consuming legal process. You can also add in a number of other drawbacks that we will cover in a future post. A revocable living trust would be a better choice for most people. If you are concerned about losing control of assets that you convey into a … [Read more...] about How Do You Choose a Trustee?
When it comes to estate planning there are several types of tools you can use, depending on your circumstances. One such estate planning tool to protect your estates beneficiaries from future potential family law matters, or other creditor situations, it to leave their inheritance in a Trust Share. Purpose of Trust Shares A Trust Share can be created for each beneficiary of your estate after an individual’s death, or the second death of a joint couple. The Trust Share is a legal entity … [Read more...] about Protecting Trust Beneficiaries by Leaving Assets in a Trust Share for each Beneficiary
The Do's and Dont's Of a Personal Representative in Nevada from Anderson, Dorn & Rader, Ltd. When a Nevada resident dies leaving property owned solely in his or her name, that person's property will be required to go through a probate process. Learn more about personal representative in Nevada in this presentation. … [Read more...] about The Do's and Dont's Of a Personal Representative in Nevada
If you have any children under the age of 18, it is important that you at least have a will, including provisions designating who you would want to be the guardian(s) of your children, should anything happen to you. Legal guardianship provisions for minor children are an important part of estate planning. The basics of the last will and testament A last will and testament is basically used to make dispositions of your property at the time of your death. Another purpose of a will is to appoint … [Read more...] about Legal Guardianship Provisions for Minor Children
The Case of the iPhone Will In the case In re Estate of Karter Wu (Supreme Court of Queensland, Australia), Mr. Wu created and stored his Last Will and Testament on an iPhone, along with a series of other documents, most of them final farewells. Wu’s iPhone Will named an executor and successor, set forth how he wished to dispose of his assets at death, dealt with his entire estate, and authorized the executor to deal with his financial affairs. The Will began with the words “This is the Last … [Read more...] about The Case of the iPhone Will