When you're in the midst of a divorce, you're probably not thinking about estate planning or your will. However, if you're divorcing, you should think about the impact a divorce can have on an estate plan.
If you have a residence you would like to pass onto loved ones after your death, and you’re worried about your home going into probate, you may want to put your home in a property trust.
It’s essential to think ahead and consider what important legal documents you should include in your estate plan.
Trusts are excellent vehicles for probate avoidance, ease of transition of funds to one’s beneficiaries upon death, asset protection planning and estate tax planning.
Although executing a will can seem overwhelming, when the document is signed, you can rest assured that you have given clear instructions to those who will have to handle your estate after your death.
It is a common misconception that once the estate plan is prepared and executed, it does not require any further attention.
Trusts are sometimes offered as a ‘cure all’ solution to estate planning problems. It is true that some issues lend themselves to the use of trusts.
A Last Will and Testament is a document you create during your lifetime that directs where your assets that are subject to probate (the formal process of having your assets distributed through the court system) will go at your death.
Naming secondary beneficiaries can help estate planners avoid the delay and costs of going through probate, as well as ensure that your wishes are carried out.
If you’re set to inherit, you may be wondering what estate expenses are paid by the beneficiary. The answer can depend on what assets are passed on to you when a family member or loved one passes away.
