What Is The Difference Between A Revocable And Irrevocable Trust?
Understanding the tools available for managing your estate is crucial when planning for the future. Two common tools in estate planning are revocable and irrevocable trusts. Both types of trusts help individuals manage their assets during their lifetimes and provide for the distribution of these assets after death. However, each type of trust serves different […]
Are All Trusts Living Trusts?
The word “trust” gets used quite broadly, creating potential confusion. While a “living trust” is a widely discussed instrument for estate planning, it’s crucial to understand that not every trust is a living trust. We’ll break down the key distinctions. What is a Trust? Simply put, a trust is a legal arrangement where someone (the […]
Key Differences of Revocable vs. Irrevocable Trusts
When it comes to estate planning, understanding the different types of trusts available is crucial. Two common types are revocable and irrevocable trusts, each with its own set of features and benefits. As a trust attorney, I often encounter questions about the differences between these two types of trusts and which one might be the […]
How Can I Add My Vacation Home to My Estate Plan?
You finally bought that vacation home you’ve always wanted. How can you add it to your estate plan? When it comes to planning your estate, a vacation home is very different from your primary home. Here are some things you should consider. Who Is on the Title? When you purchase the property, you should consider […]
When Is Probate Unavoidable?
While probate may seem expensive and complicated, it is a standard step in formalizing how assets pass to heirs or beneficiaries. Whether or not you require probate depends on the type of property and how you own it, and the state laws in which you live. While probate can be a complex process for vast […]
Key Parties to a Trust
This article will focus on some of the key parties to a trust. There are generally three parties to a trust; the grantor, trustee, and beneficiaries. The Grantor or Settlor is the person that creates the trust. This person will discuss with their attorney their wishes for the trust and the terms that will […]
Seven Benefits of a Revocable Living Trust
Many Americans simply leave a will to distribute their assets upon their passing. However, the creation of a Revocable Living Trust creates several benefits unavailable to those simply leaving a will. Here are seven benefits to creating a Revocable Living Trust 1) Avoiding Probate- A great benefit of a living trust is that it […]