Planning your will is one of the best things you can do for your estate, as well as for your heirs. The question is what is the first step? Before you can make decisions regarding the creation of a will,…
Learn from these mistakes you can’t afford to make Your last will and trust is something that many people avoid dealing with until it is often too late. And while there are many ways to go wrong with your last…
A Pour Over Will is the type of Last Will and Testament that accompanies a Revocable Living Trust. As wills go, this type of will is relatively simple since most of the complicated details are specified in the Revocable Living Trust. For the most part, a Pour Over Will only has one beneficiary. That beneficiary is the Revocable Living Trust which was created at the same time. Of course, if the Trust has been funded correctly, very little will pass through this will. The Pour Over Will simply serves as a safety net to capture any assets which have not been transferred to the Trust prior to death. Also, if minor children are involved, the Pour Over Will can also be used to name potential guardians in the event of the deaths of both parents.
When looking at legal documents regarding distribution of property and your assets after death, you will find a last will and testament and a living trust. These two documents are not the same, although they both deal with the distribution of your property after your death. Deciding which one is best for your estate can be tricky, and it’s important that you understand the differences between the two.
If you are not familiar with legal terms and if you haven’t seriously thought about your will and other, similar documents, you may not know what a living trust is. A living trust is a binding legal document that you create while still alive for one of two reasons: to avoid probate, or to save money when it comes to taxes. Creating a living trust also guarantees that your properties will not go to probate proceedings, saving your heirs a great amount of time and trouble. You’ll also help protect your financial privacy and set out guidelines for the distribution and use of any assets if you become unable to handle matters yourself. A living trust may be revoked by the creator, also called the Grantor, at any time.
Setting up a living trust is one way of protecting your property and assets from going through the probate system upon your death. This can save your heirs a lot of time and money. Creating a living trust is actually fairly easy, although there are a few things that you need to keep in mind. The first is that the trust documents must follow the laws of the state in which they are written. Living trust laws do vary from state to state, so you will need to speak to a living trust attorney to make certain your document follows state law. Once written, you have to execute the living trust in order to make it legally binding. Below are the steps to setting up and executing a living trust.
When creating a trust, most people create a revocable trust. A revocable trust, which is has several key differences from an irrevocable trust. Both allow for transfer of property to heirs without the need of a probate court, which saves time, money, and protects the privacy of all parties involved. However, in some situations, a revocable or an irrevocable trust may be more useful to all parties involved.
Because most people do not know all the ins and outs of revocable trusts, there are a number of different myths surrounding them. Some of these myths are simply misinformation, while others are wildly untrue. If you’re thinking of creating a revocable trust, it is important to speak with an attorney who specializes in revocable trusts first, so that you understand exactly what the trust will do.