Would a trust be better than a will? The question of whether a trust be better than a will has no simple answer since so many factors must be considered in estate planning. Your decision is personal and individual, and must suit your particular situation. Briefly, a will is a legal document that gives your instructions for distributing your assets after you die. A will allows you to select an executor to manage the distribution of your assets, pay your debts, and handle other administrative duties. → Read More
What is a standby trust? A standby trust is created during your lifetime, and at the time of your death, the property in the standby trust is transferred according to the directions in your will. One of the reasons it is called a’standby trust’ is that the owner creates an investment plan and the executor or manager of the trust carries out this plan, but only at the direction of the creator of the standby trust. → Read More
What is a representation agreement (or power of attorney) and how do I make one? A representation agreement is really another word for establishing power of attorney. → Read More
Simple Will A simple Will provides for the outright distribution of assets for an uncomplicated estate and can be done on an easy form from a stationery store, a book, or from a reputable legal document website. → Read More
What is a disability trust? Disability trusts, or qualified disability trusts, are created for the purpose of caring for a disabled person in the event of their caretaker’s death. Qualified disability trusts offer added benefits for the betterment and protection of the beneficiaries by allowing the trustee to claim a full income tax exemption for trust income. → Read More
How to Create a Special Needs Trust: What to Include A Special Needs Trust (SNT) is a unique document individually prepared for the benefit of a disabled beneficiary under the age of 65. This article explains the types of information required in this trust and the ways in which an attorney can greatly assist you in preparing it. → Read More
Power of Attorney (POA): When Temptation Turns to Power of Attorney Abuse When power of attorney abuse begins, it can become a vicious cycle that will continue to worsen until help is sought. Here some things you can do to prevent power of attorney abuse, and some resources and ideas about where to turn for help if someone you know is a victim of power of attorney abuse. → Read More
Planning for Your Disabled Child in Your Will While routine estate planning can be daunting, planning for the care of your disabled child after you die can be a nightmare, and leaving an inheritance to a disabled child can create more problems than it solves. → Read More
Settling Smaller Estates: A Simpler Procedure The only time the probate process may be quick, is when the gross value of the estate is relatively small. This shorter probate process is called by different names in different states; every state’s definition is different, and some are complicated. → Read More
Family Business & Your Estate Many estate-planning tools can be used to transfer your business, but selecting the right one will depend, in part, on whether you plan to retire and let someone else run it for you, sell it, give it away, or keep running the business until you die. → Read More
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