Wills & Trusts

A trust can be a great mechanism for distributing assets to someone else while shielding those assets from taxes, probate costs. It can also help limit use of asset spending to certain, specified purposes. To create the trust, the trust settlor sets up the trust and funds it by transferring ownership of assets over to the trust itself. A trustee is then appointed to manage the trust for the benefit of the beneficiaries. The trustee is tasked with administering the trust, which can be quite complicated and involved, depending on the nature of the trust, the kind of assets held in the trust, and the parameters established for distributions from the trust.
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In developing your estate plan, there are a number of dilemmas you may face. Yes, you may want to leave certain financial resources to your loved ones, but you may worry about where that money will go, how it will be spent, and when it will be spent. These are natural concerns. You are, after all, worrying about your legacy and what your legacy will be supporting. Fortunately, you can use an incentive trust to help ensure the money you leave to your loved ones go to supporting goals and achievements you would have wanted to support for your loved ones.
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You may have heard of the many potential benefits of including a trust in your estate plan. Are you worried about probate? A trust can be a great way to avoid it! Are you worried about your beneficiary’s ability to manage an inheritance? A trust can pace and condition distributions to protect the inheritance from being quickly spent away.

If you have decided to establish a trust, one of the big decisions you will need to make is who to appoint as trustee.
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If you have never heard of a living trust, now is a great time to learn. A useful estate planning tool, a living trust is, aside from a Last Will and Testament, one of the most commonly used mechanisms for transferring assets to your family and loved ones upon your passing away. For a full picture of a living trust, we are going to take a look at the upsides and downsides of a living trust.
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A revocable trust is named so because it can be easily altered, amended, or, of course, revoked. This flexibility is one of the many appealing features of a revocable trust and its benefits make it an attractive addition to many estate plans. To establish a revocable trust, the trust settlor, or grantor, creates the trust and funds it. The trust is then managed by the trustee for the benefit of the trust beneficiaries and in accordance with the terms set forth in the governing trust document. One of the key benefits of a revocable trust is that it will avoid probate.

To establish a trust, the trust “settlor” transfers property into the trust to be managed by the “trustee” appointed by the settlor. The trustee is charged with holding trust property for the trust beneficiaries as well as administering the trust according to the terms set forth by the settlor. A person may choose to create a trust for a number of reasons. For instance, if someone has minor children, the children would not be able to directly inherit from their estate. By creating a trust, the children’s inheritance is protected until they reach the age of majority and can receive the inheritance directly.
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If you do not yet have a will in place, there is no time like the present to execute a legally sound, strong will that will help preserve your legacy and protect a brighter future for your loved ones. While putting a will in place is too important to put off, there are also some things you should know about and consider prior to executing a will in order to help ensure it accurately reflects your goals and wishes.

Things to Know Before Executing a Will

While not the only thing a will can accomplish, one of its main features is often how a person’s property is to be distributed upon death.

Estate planning is about so much more than a will, although that can be an important part of an estate plan. Trusts, for instance, may be much of a mystery to most, but remain valuable legal tools when properly implemented in the right estate plan. Trust types and purposes, however, can widely vary and it can be overwhelming trying to figure out what the right fit for your individual circumstances may be.

To establish a trust, a trustor, or settlor, transfers ownership of certain funds and assets to a trust. The funds held in trust, the trust principle, are then managed for the benefit of the trust beneficiaries. This is a trust in its most basic sense. There are, however, a variety of different trust types that are defined by things such as the type of beneficiary, the terms of the trust, the direction for trust distributions, and the ability of a beneficiary to access assets held in the trust. Because of the structure and variety of different trust types, trusts can be useful in an Read more . . .

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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