Estate Planning Articles
A living trust has many advantages over a simple will or testamentary trust (trust after death). The first advantage is that it keeps the IRS even further out of the process than does either a will or trust that becomes effective after death. The second is that, unlike a testamentary trust, a living trust is not continually supervised by the court.
Over views the state probate process and the general asset dirtribution process. Declares the need for an estate plan and the importance of making that an important part of everyones financial planning.
Expert Author: John Nazareno
Probate is known as the legal process that settles the estate of the deceased and how the property of that person should be distributed. The probate process can really vary from state to state, so these are just general guidelines. If you are involved in the probate process you might want to seek legal counsel with an attorney that has experience with wills, or even those that have experience in probate court to protect your rights and really understand the probate system...
There are many ways to protect assets for your loved ones. One way is to use a living trust. Living Trusts are routinely used by average persons, not just the wealthy, to avoid the high cost, publicity and inconvenience of probate. Property placed in an irrevocable trust will be excluded from your financial picture, for Medicaid purposes.
There are several different types of trusts that people use for estate planning. While most fall into specific categories, it is important to understand that trusts are highly individual creations - one size does not fit all. Be wary of firms who offer a cookie cutter approach or a "kit" to create your own. Any trust (indeed all estate planning activities) should be designed with careful consideration and thoughtful legal consultation. Be aware that when establishing some trusts, you may limit your options in the future.
Expert Author: Michael Russell
If you want to leave specific individuals your assets, like your home, your vehicle(s) or any form of money, you will need to write a legal will and indicate your selected beneficiaries. That is where Estate Planning comes into play.
Expert Author: Robert Thatcher
Estate Planning may be a word that is encountered by many citizens especially the elderly. What is Estate Planning? What benefits does it provide to people? Estate Planning is a method of arranging and considering alternatives that will satisfy specific wishes and goals to prepare for things that may happen to a person and the people he finds special to him.
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