Wills & Trusts

A will is often a central feature of a strong estate plan. While many people may think of a will as something where you set forth who you want to leave your assets and other property to when you pass away, it can be so much more. When you die without having a valid will in place, your heirs and estate can miss out on many valuable opportunities that you may have wanted for them.
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A trust can play a prominent role in estate planning, but many people do not know much about trusts. A trust is set up by the grantor, also referred to as the “settlor” or “creator,” of the trust. It is then funded by transferring property into the trust.
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An irrevocable trust can come with many benefits. Its primary characteristic is the fact that the creator of the trust cannot amend the terms of the trust nor can the creator spend trust funds for anyone other than trust beneficiaries unless the terms of the trust permit it. In certain instances, the trust terms allow the trustee a limited ability to amend certain trust beneficiaries.
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A trust can be a valuable estate planning tool for a number of reasons.
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When thinking about estate planning, you need to consider the unique position and circumstances of your family and loved ones. For instance, do you have a loved one with special needs? You may, of course, want to provide financial support for them. While the intention behind this is great, giving financial gifts or leaving outright inheritances for individuals with special needs may actually end up doing more harm than good.

When you think of estate planning, most people will think of a Last Will and Testament, or simply, a “will.” A will can be an important part of your estate plan. It has the ability to go far beyond detailing what property you want distributed to which beneficiaries.
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A Last Will and Testament can be used for a number of important things. Most people are aware that a will can instruct who you will leave your property to after you pass away and who will be in charge of administering your estate. A will can do much more, though. A will allows you to name a guardian to care for your minor children. It also allows you to name a trustee who will manage any property you leave to children or incapacitated persons. It can provide funeral, burial, and cremation instructions. It can even create a trust that can continue for a few years or for generations.