The law requires probate for a good reason. If a person dies, probate ensures that the property goes to the people who are supposed to inherit it.
You created your revocable living trust to hold your assets. You did so because of the probate avoidance and other benefits. You may have included sophisticated tax-planning provisions in your trust.
According to a Caring.com survey, only 4 in 10 American adults have a will or a living trust. And what may be even more surprising is that younger adults are outpacing their middle-aged and older counterparts when it comes to estate planning.
Guardianship is a legal action where the court deems an adult an incapacitated person and appoints someone, the guardian, to make decisions about the care and finances of the individual.
The word “estate” has always been connected to “ultra-rich” families, those with a lot to leave behind after their death. However, definitions have now changed, and anyone who has anything to leave behind needs to plan their estate.
The word “estate” has always been connected to “ultra-rich” families, those with a lot to leave behind after their death. However, definitions have changed, and anyone who has anything to leave behind needs to plan their estate. “Estate planning” essentially becomes your family’s guidebook, once you are no longer in the picture. Sounds important? Definitely, and here’s why.
Trusts give parents of special-needs children additional options for extending care and financial assistance. However, you might need some expert help.
You don’t actually appoint someone power of attorney (POA). A POA is a document that you execute that allows someone to act on your behalf.
If you plan to pass your business to your offspring, there is more to keep in mind when creating your succession plan than your descendants—there are also their spouses—especially if they become ex-spouses.