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June 29, 2011
Family inheritance is a prized possession that should be protected using estate planning strategies. Financial assets and valuable property can be transferred to direct lineage heirs and future generations through Wills and Trusts, as well as gifted on an annual basis.
Family inheritance is often a touchy subject, but it is important to openly discuss plans with family members prior to death. Many people feel there will be too much conflict if relatives know what they will receive ahead of time. The truth is family disputes over inheritance can be minimized by planning ahead.
Engaging in estate planning isn't difficult or expensive. All that is required is to take inventory of personal assets, financial portfolios, and titled property such as motor vehicles and real estate. Estate planners can advise whether estates can be sufficiently protected by a last will and testament or if a trust is better suited.
March 25, 2011
Trustee references a person or entity in charge of managing assets protected through a trust. Trustees act as fiduciary for beneficiaries and are responsible for making solid financial decisions for their greater good.
Trustee also references the person in charge of managing personal and corporate bankruptcies. Bankruptcy trustees are appointed through the Department of Justice and responsible for managing court ordered sale of assets under Chapter 7 and distributing payments to creditors under Chapter 13.
October 24, 2009
Trust refers to a vault which holds valuable assets, along with a person's Last Will and Testament. People use trusts to transfer inheritance assets upon their death. When a trust is used, inheritance assets do not have to pass through probate and generally are exempt from taxation.
Many people believe establishing a trust is complicated. While this can be true for exceptionally wealthy people, many types of trusts exist which are simple to establish. Some of the most common include living, revocable, irrevocable, testamentary, and irrevocable life insurance trusts.
September 14, 2009
Executing a legal Will is one of the greatest gifts you can leave your loved ones. A Will is used to express burial preferences and name beneficiaries to receive property and personal belongings. The Last Will and Testament gives you the opportunity to have the final say in the event of your death.
A Will is also used to appoint an estate administrator. Most often this person is a family member or close personal friend. Depending on the size and complexity of the estate, some people retain a professional estate planner or probate attorney to manage their estate. It is a good idea to use the services of a neutral third party if family strife exists.
November 21, 2008
Hiring an estate planning attorney is a crucial part of developing a plan for what happens to your assets and personal belongings in the event of your death. When people die without executing a Last Will and Testament or arranging a living trust, everything they own is placed into probate.
An estate planning attorney can help you avoid probate by implementing irrevocable life insurance trusts, living trusts, and assigning payable-on-death and transfer-on-death beneficiaries. The probate process can take several months to several years to settle. Without implementing estate planning procedures, all your worldly possessions will be distributed to heirs according to probate laws.