A living trust is an estate planning legal document that contains your instructions and authorization for what you want to happen to your assets, when you become disabled or pass away.
In a nutshell, an estate plan encompasses the accumulation, conservation and distribution of an estate. Done well, it will enhance and maintain the financial security of the next generation.
Has a family member or close friend asked you to serve as their executor, trustee or power of attorney? If you accepted the responsibility, do you know what this entails? Have you been given a copy of the documents you were named under? Do you know when you would begin serving in these roles? These are all important questions to ask or consider.
The financial institution is obligated to distribute the CD to the person or entities that otherwise would be entitled to receive it.
A common misconception is that you do not have to probate a will when your spouse dies.
In situations where both spouses want the surviving spouse to inherit all the assets, which is often the case, a joint trust can be far less complicated to set up and maintain than separate trusts, with less headaches for the surviving spouse.
After a loved one passes, one of the biggest hurdles that families face, is passing wealth onto the next generation. Unfortunately, family dynamics can spur conflict and infighting among descendants.
Social Security is a huge source of financial stability for retirees, and married couples, in particular, can benefit dramatically from Social Security.
There’s much to plan for in life — college, your wedding, your first child, life insurance — and with more than enough to keep you busy, it’s easy to forget about your will. After all, no one wants to sit around and dwell on their death, but it is perhaps one of the most important decisions you will make in your life.
Adding an adult child to your house deed, or giving them the home outright, might seem like a smart thing to do. It usually isn’t.