When you establish a trust as part of your estate plans, you rely on your chosen trustee to follow your wishes and execute his or her duties as expected.
If you disagree with the terms of a will, your first thought may be to mount a legal challenge against it -- but you have to have a valid reason. It isn't enough that you simply disagree with its terms.
Incentive trusts are used to give heirs goals and to make sure they don't just live off of a large inheritance without doing anything for the rest of their lives. The wealthy often worry that their children won't be productive after they pass away, so they use trusts that only pass on their assets when certain goals are met.
Advance directives are documents you put together that express your wishes in case you can't do so yourself.
The death of a loved one can take a considerable toll on any friend or family member; this is especially true if the death is unexpected. Under these circumstances, people can be consumed by grief, anger and confusion. Unfortunately, this is the state in which people find themselves when they are confronted with estate planning issues.
Drawing up your will may have been an uncomfortable task you were eager to put behind you. However, updating your will from time to time can ensure that it continues to protect the same things it protected on the day you created it.
When you create your will or establish a trust, one of your top priorities is likely to keep loved ones from having to deal with ugly legal battles and personal disputes in the wake of your passing. Having a comprehensive estate plan can go a long way in doing this, though it can be easy to overlook certain details. These oversights can unfortunately cause the very problems you hoped to avoid.
One of the primary goals people have when creating an estate plan is to keep things as peaceful as possible for the people left behind. Having a will or trust in place is certainly an effective way to achieve this. However, complications and disputes can arise despite your best efforts.
Assigning financial decision-making powers to someone else is an important element in any comprehensive estate plan. These designations make it possible for a person to handle financial matters from paying your bills if you can no longer manage your own finances to tracking down your heirs to distribute property in the event of your death.
As our parents get older, their physical and mental faculties might start to deteriorate. In these difficult situations, the roles can quickly get reversed and it will be up to the children to take care of and protect their parent. This can be a challenge, particularly if you are estranged or if your loved one is being cared for by someone else.