Part of being a responsible homeowner is having a proper estate plan in place. After all, considering the home is generally the largest asset most people own, it’s prudent to ensure this asset is passed to the people you wish to leave it to.
In general, the best reason to establish a charitable trust, is if you would like to create a long-standing form of charitable giving.
Without a valid will, a person’s estate passes to their surviving heirs under intestate succession (i.e., ‘succession without a will’).
Lewis established an irrevocable trust, in which he named ‘his son’s spouse’ as a beneficiary. At the time Clark, the son, was married to Vivian.
A will allows you to distribute your worldly goods, select a guardian for minor children and name an executor to carry out your wishes.
You should be aware of what a will can’t or shouldn’t do.
Tax obligations continue on despite the passing of a loved one, and in some cases, come about because of it. Tax deadlines pose a challenge for grieving families.
Here are the top five mistakes people make that upend their planning.
Many people are under the impression that since they have a trust, they don’t need to do anything else. That’s not true. The trust you created years ago may not be appropriate for you now.
Trusts can provide certain benefits for estate planning, including asset protection. But can you sue a trust?