Category: Wills & Trusts

Receiving a financial windfall like an inheritance can be an emotional time — one that might prevent you from seeing the bigger picture.

Stay the course. Don’t overreact. Think long-term.

Inheritance trusts take on critical importance in wealth management, particularly for multi-generational families.

In general, your assets go to the people you probably want to inherit them. However, if you want to leave anything to your parents, siblings, nieces or nephews, friends, in-laws — or if you want to eliminate someone from your plan for any reason — you need to create a will.

For those who want to avoid the court-controlled process that takes place after a person’s death (known as ‘probate’)—using a Revocable Living Trust is typically the best way to do so.

A traditional will could be the simplest but not necessarily the best way to pass on your legacy.

A will can distribute any and all assets that the decedent had rights to.

There are important differences between the two types of trusts, including the amount of control you’ll have over your assets.

Whether you’ve examined your options for passing along your wealth or not, you probably know that there are a number of different possibilities when it comes to managing your wealth and handing it down to the next generation.

The person you have placed in charge of your estate under a Will is called a ‘Personal Representative’ or ‘Executor/Executrix.’