While more than half of Americans believe estate planning is essential, a mere 33% actually have a living trust or will. And one out of three respondents who don’t have a will reason that they don’t think they have sufficient assets to warrant estate planning.
Estate planning is crucial to leaving your beneficiaries with your possessions as you intend.
Being a trustee is difficult. However, adopting the following four best practices employed by professional trustees will go a long way to ensure that you’ll effectively execute your duties and mitigate your liability.
With a revocable trust, you are typically both the founder and the trustee. This means that you both create the trust and manage its assets and operations.
While thinking about legacy planning can be unpleasant because it involves discussions about incapacity or mortality, it’s an important aspect of good financial planning that shouldn’t be ignored.
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.
Many people think that estate planning and writing a will are the same. However, one is actually just part of the other.
The contents of a person’s will and related revocable trust cannot be challenged in court until he or she has died, Maryland’s second highest court ruled last week in rejecting a daughter’s bid to revive an undue-influence challenge to her estranged and ailing mother’s decision to write her out of her will.
The death of a parent can be emotionally trying, especially if the passing was unexpected. It can also be a test of your patience, if there are complicated estate issues to sort out.
Succession planning involves accounting for the worst-case scenario. Without accounting for these risks, your plan could fail, require expensive litigation or jeopardize the family farm.
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