Even though you may feel that you don’t have an “estate,” it’s clear that everyone needs estate planning. And though you may be young and healthy, and not really thinking about your mortality, this is the time to “get your…
Being a single parent has added responsibilities, including making sure that your minor children are taken care of in the event you no longer are there. What would happen to your children if you died, or became incapacitated and could…
A revocable living trust in Virginia, also called a living trust or inter vivos, has become a popular estate planning option because of the many benefits it offers. A revocable living trust is flexible. The terms of the trust can be changed…
We have discussed revocable living trusts and their benefits in previous blogs. In this blog, we’ve created a case study to illustrate the value of both estate planning and a revocable living trust, and how it is used once the grantors…
Those who are considering an estate plan might be trying to decide between a will and a revocable living trust. For many, the decision simply comes down to cost. While a trust can be more costly than a simple will,…
The emotional trauma of divorce often leads spouses to overlook important financial issues as well as the long-term effects divorce can have on wills, trusts and estates. States vary on how they deal with an ex-spouse who attempts to collect on an inaccurate will. Arizona, Texas, California and some other states have laws in place which stop an ex-spouse from collecting on a will that is no longer accurate. Other states will simply cross out the name of the ex-spouse and move on to the next beneficiary in line, when the will goes through probate. When a will is dealt with privately, rather than going through probate, there are no guarantees whether the stated provisions will be honored.
While many people have heard from others that it is a good idea to avoid probate court whenever possible, they may or may not know why they should avoid probate court, as well as how. There are two primary problems associated with probate court. First and foremost, probate can tie the decedent’s property up for months, sometimes as long as a year or more. Probate is expensive; in some states the fees associated with probate can take as much as 5 percent of the value of the estate. Probate essentially involves tons of legal forms, keeping track of all filing deadlines and other procedural technicalities. The executor as well as the attorney will receive fees from the estate, and there can be other costs such as appraiser’s fees and court costs. Given the issues associated with probate, it makes more sense in most cases to attempt to avoid probate completely. This can be done through reducing the amount of property which will be subject to probate, primarily through preparation of a living trust.
Far too many people are under the mistaken belief that a Revocable Living Trust and a Will are the same thing, and are virtually interchangeable. If you are thinking about estate planning, it is important that you understand the significant differences between a Revocable Living Trust and a Will.
Most people believe that only the very wealthy need to set up a trust or leave a will. This is not only a mistaken belief, but it can lead to serious issues, including having all your assets left to someone you would not want them left to. Even those with very modest estates—a home a car and a little money in the bank, along with personal possessions—can definitely benefit from estate planning.
There are a number of reasons many of us put off planning for the future. While we are a very busy nation, not having enough time can also be used as an excuse to avoid estate planning. Some people simply…
Although a will may still be the first choice for many who want to pass their estate to their heirs, it is not the only choice. Among baby boomers, the living trust is fast gaining popularity. The reasons baby boomers are choosing a revocable living trust over a simple will are varied, but the primary reason may be to avoid the probate process. In fact, living trusts offer many before and after-death advantages. Five things you should definitely know about a living trust include the following: