![]() Once you pass away, your revocable trust will become irrevocable. Revocable living trusts: A revocable living trust allows you to revise or end the trust at any point before your death.Some of the most common types of trusts are: Working with an attorney who specializes in estate planning and trusts is critical to ensuring you’re choosing the right trust for your needs and that it’s structured according to your wishes. It may also protect your estate from entering probate. When you create a trust, you decide what goes into it, who gets what, and how it’s distributed. A properly structured trust can help ensure your plan is executed exactly the way you intended. Discuss this situation with your estate attorney and consider naming a backup guardian for your dependents.Ī trust is a legal container that’s designed to hold money and other assets for your heirs. ![]() Also, know that naming a couple as co-guardians could get tricky if they divorce. You can name a third party, such as a trustee, to oversee money or assets until the child is old enough to manage their inheritance themselves. In addition, remember that they don’t have to be the person managing a child’s inheritance. If no guardians are named in your estate plan, a probate court a may appoint guardianship for you.īefore you name a guardian, make sure you talk to them ahead of time to get their consent. These may include minor children, a loved one with special needs, or aging parents under your care. The next step on the estate planning checklist is to consider who you’d like to care for your dependents (if any) at the time of your death. 3. Establish guardianship for your dependents A will is an important part of your estate plan, but an estate plan provides an overarching strategy for your end-of-life healthcare directives and asset distribution. Pro tip: Don’t confuse will preparation with an estate plan. In this document, you can name beneficiaries, designate guardians for minor children, and identify an executor for your estate - this person will be responsible for carrying out your wishes according to your will.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |