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Trusts Archives

When does a trust dissolve?

When discussing estate planning, it's hard to talk for more than about five minutes without bringing up trusts. In modern estate planning practice, trusts are one of the most commonly used tools to help an individual protect his or her estate and determine how that estate gets distributed when the time comes.

Is it time to remove your trustee?

Choosing the person you want to serve as the trustee of your trust is an important decision that may impact your estate significantly, for better or for worse. In some cases, the relationship between you and the trustee may deteriorate, and you may realize it is time to consider firing him or her and looking for a suitable replacement. If you find yourself thinking about this course of action, it is always wise to take a deep breath and consider some valid reasons you may have for removing a trustee before it is too late.

Can I amend my trust?

Trusts offer protection from many threats to an estate, but this security often comes at the expense of flexibility and control of one's assets. In general, the greater control one retains over the assets he or she places in a trust, the fewer protections those assets enjoy. At some point, a trust creator may wish to change the terms of the trust, but this is not always possible.

Do revocable living trusts help avoid probate?

Avoiding probate is not always simple or even possible, but it usually well worth the effort to do so. On of the most common tools used to circumvent the probate process is forming a revocable living trust to hold assets that would otherwise pass through probate and likely diminish greatly in the process.

How do you choose a strong trustee?

When you decide to create a trust, one of the most important pieces of the puzzle is identifying someone who can serve effectively as a trustee. Many people do not fully understand the responsibilities that a trustee carries, or the complications that a trustee who does not uphold his or her position can create.

When should I fund my living trust?

In very broad strokes, it is generally best to fund your trust sooner than later, depending on your reasons for creating the trust and balance between financial protection and freedoms of property that you hope to enjoy. However and whenever you choose to fund your trust, it is crucial that you understand the benefits and drawbacks of waiting or moving forward with funding.

You can still fund your trust after you die

Establishing a living trust is an important step for many individuals assembling their estate plan. However, it is not always clear how and when to fund a living trust. The flexibility of a living trust can often prove overwhelming to those not fully familiar with how to use such a tool. It is important to make sure that you have all the guidance you need to fully take advantage of all of its benefits.

Protecting a spouse with an AB trust

When it comes to creating an estate plan to protect your assets and provide for the ones you love, there are numerous options to consider, including an AB trust, which some choose to help reduce a surviving spouse's tax liability when the first spouse passes away. These trusts use a unique set of rules to provide some distinct advantages and protect families from unfair taxation.

Is it time to remove a trustee from your trust?

When you set up a trust as part of your estate plan, you face the very important task of appointing a trustee to oversee the trust and the assets within. However, in some cases, your relationship with a trustee may sour, or you may realize that he or she is not behaving in your best interests, or the best interests of your beneficiaries.

Should you consider an asset protection trust?

As you look around and consider various estate planning options, you soon realize that there are indeed many, many different trusts and other estate planning tools available. One particular product that often gets overlooked or lumped in with other similar options is an asset protection trust. In most cases, choosing a wise estate planning strategy is most effective with the assistance of an experienced estate planning attorney, but it is always wise to do your own homework before meeting with a legal professional.

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