If you have been named the executor of a loved one's estate, you could have many different questions. Moreover, there are a number of responsibilities you should be aware of and it is important to make sure that you take care of these obligations. Sometimes, unforeseen hurdles can also arise, such as a dispute which involves your family members and beneficiaries. For example, you may be accused of the breach of your fiduciary duties and this could have a significant impact on your life. Preventing these problems is vital and it is also crucial to handle them properly in the event that they surface.
When it comes to trusts, there are various options on the table for many people, from special needs trusts (which we have discussed on this blog) to spendthrift trusts and many more. It is important for you to pinpoint the type of trust that will match your needs the most and this can be tricky since there are many factors that may need to be reviewed. Moreover, the ins and outs of each type of trust can vary quite a bit and some offer unique advantages. In this post, we will look into charitable trusts.
Motor vehicle collisions can bring various consequences into a victim’s life. From physical pain and injuries that derail their daily life to death and financial hardships over hospital bills, car accidents can be devastating. Moreover, a crash may have repercussions that upend lives in other ways or prompt victims to reevaluate other aspects of their life, such as affecting one’s estate plan. If you have been involved in a car crash, you may need to take a second look at your estate plan for various reasons.
We have discussed some of the differences between wills and trusts on this blog and it is important for you to pinpoint the type of estate plan that will suit your needs most efficiently. Each type of estate plan offers a number of benefits for people in certain situations, whether they have a loved one with special needs or some other unique consideration. In this blog, we will take a closer look at living trusts and some of the advantages that come with avoiding the probate process.
When it comes to your estate plan, many questions may arise, such as how to distribute what you own between those you love and which type of trust makes the most sense. However, selecting an executor can be particularly tough and it is important to consider your options and find the right person. There are a number of tips you may want to keep in mind as you move forward and it is vital to thoroughly think things through before settling on a decision. That said, our law office fully understands how complex this choice can be.
Many different challenges related to estate planning can arise, such as finding someone to take on the responsibilities of being an executor to replacing an executor in the wake of a divorce. Some people are better-suited for a trust, while it makes more sense for others to move forward with a will. There are many differences between the two and each has their own set of advantages. Even though this can be a difficult decision for people who are facing certain circumstances, it is excellent that people understand the importance of carefully going over all estate options before settling on a particular plan. After all, there are a number of options when it comes to estate plans.
Many different challenges can arise with respect to estate planning and the execution of an estate plan, some of which involve may court or difficulty due to so many options (comparing trusts, for example). However, even if you have decided which type of estate plan will work out best for you, you could face a variety of difficulties. For example, if you have decided to set up a will, you may have questions related to the way in which you want your assets split up among beneficiaries, or who to name as the executor of your will.
Estate planning can be challenging for a multitude of reasons, whether you are unsure of who to name as the executor of your estate or you cannot decide which type of trust will best suit your individual needs. However, there are other complications that may arise within a family, such as sibling rivalries over estate matters. There are many different causes of bitterness and disagreement between siblings when it comes to trusts and wills, whether they do not agree with the way in which property was distributed or responsibilities were assigned. For example, multiple siblings may want to serve as the executor of an estate.
If you are considering setting up an estate plan, you may feel overwhelmed by the different options you have. For example, you could be unsure whether a will is ideal, or a trust would be more appropriate given your unique circumstances. Even if you have decided to move forward with a trust, there are various types of trusts, so it is essential to find one that is right for you and those you love. Depending on the details of your loved ones' lives, a special needs trust may be best. Before moving forward, it's important to go over some of the basic benefits of this option.
For a parent, legal issues involving the custody of a child can be especially tough and may make a recent divorce even more difficult to work through. Furthermore, there are other ways in which these matters can change a parent’s life. For example, you may need to revisit your trust or will following a recent custody dispute. As with all legal issues involving your finances and children, it is paramount to make sure that the correct approach is taken.