A second marriage can be a balm for the heartache of losing a spouse, be it through death or divorce. Nevertheless, if there are children or other heirs involved, you should consider carefully what will happen with your money and possessions when you pass on.
Perhaps one of the most difficult, and increasingly common, estate planning questions involves the inclusion or disinheritance of an estranged child.
A trustee is a fiduciary which, essentially, is a person that owes a legal, ethical and, perhaps, moral obligation to act in the interest of another.
In fact, many couples with no children mistakenly believe that they are less likely to need a last will and testament than couples with children.
A trust is a legal vehicle that allows a third party, a trustee, to hold and direct assets in a trust fund on behalf of a beneficiary. A trust greatly expands your options when it comes to managing your assets, whether you’re trying to shield your wealth from taxes or pass it on to your children.
My great-grandfather was a farmer and had about 23 acres when he died. My grandfather passed away before my great-grandfather. The land was put in a trust for my mother and uncles. My mother passed away two years ago.