What is a spendthrift trust?
A spendthrift trust limits, by either amount or purpose, the way that your money will be given to your surviving offspring. By setting up a spendthrift trust, there will be more money to give for a lo...
Estate Planning
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How To Change a Beneficiary on a Life Insurance Policy
A life insurance beneficiary is an assigned person who will receive payment of your life insurance money in the event of your death. In most circumstances, a life insurance beneficiary change is as ea...
Payment of Debts after Death
Administering an estate involves collection of assets, payment of debts and estate taxes, and distributions to the beneficiaries. This article discusses payment of debts by the executor of an estate....
Am I liable for the debts of a deceased parent or spouse?
If your parent or spouse passed away and left any debts, you may be liable for them. In the case of a spouse, it usually depends on whether you shared credit card debt, or have other shared accounts. ...
Family Trusts
Family trusts are designed to provide for or distribute wealth to your surviving family members in the event of your death. Family trust is a generic term used to describe a number of different trusts...
What is a pourover trust?
Not to be confused with a pour-over will, a pour over trust is simply a way to plan for incapacity. Unlike a will, the pour over trust is not administered by a court, so its contents and terms are not...
How To Ensure Your Children Inherit Your Property after Your Spouse Dies
Proper estate planning is at the core of making sure that your property is transferred to the right family members at your death. In the case of order of inheritance, everything depends upon the state...
How To Prevent Your Family’s Assets From Being Frozen in Probate
Probate is a long process that publicly sorts through your family's assets. On average, probate can take anywhere from nine months to two years. During the first period of probate proceedings, your fa...
When does a will have to go through probate?
When a person passes away and leaves behind a will, there are certain set procedures and formalities that must be followed in order to legally account for and distribute the estate among beneficiaries...
What if I No Longer Own What I’ve Willed?
Willing either something you no longer own or more property than you own can complicate settlement of your estate, and the rules for dealing with this situation vary widely from state to state....
Joint Will
A joint will is one that two people make together, each leaving all of their property and assets to the other. It also covers the situation when the second person dies. ...
Special Needs Trusts: Eligibility for Federal & State Assistance
If you have a child with special needs, you want to be sure that once you are gone, he or she will be well taken care of. Special needs individuals under the age of 65 are eligible for Medicaid, Suppl...
When Trustees Waste or Steal Trust Assets
Breach of fiduciary duty by a trustee, which can range from poor investing to outright theft, can be monitored, prevented, and remedied. As a beneficiary of the trust, you have the right to request a ...
What is a simple trust?
Trusts are generally created as a way to manage property, such as cash or real estate, and transfer it to someone else at a certain point in time. A simple trust, also known as a bare trust, is one to...
Beneficiaries: How to Dissolve or Modify an Irrevocable Trust
Many states have laws within the probate code that allow the beneficiaries to dissolve or alter the terms of a trust under certain circumstances. For example, the trust may be modified if the intended...
Power of Attorney Abuse: What to Do if Someone You Know is Affected
Power of attorney abuse is relatively common, and can range from serious to minor incidences. Unfortunately, the control that a person with power of attorney has over the principal's finances invites ...
A Will Prepared by an Attorney
A will prepared by an attorney is individually designed and professionally crafted for you....
What does a will usually contain?
While a last will and testament can be as simple as a few sentences stating your intent, there are some traditional provisions that tend to make the probate process smoother and eliminate any ambiguit...
Treatment of Stepchildren and Out-of-Wedlock Children in Your Will
This article discusses the disposition of property in your will when you have stepchildren and out-of-wedlock children....
How To Take Care of a Mentally Disabled Child Through a Trust
A special needs trust is formed with the intent of providing for a mentally disabled beneficiary after you die. Without a trust, the property given to the child in your will would be controlled by a g...
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