Estate Planning and Wills

Creating a plan for the care and welfare of your life and that of your family as you grow older can be called a life care plan. This plan is not a legal document, although it embodies legal concepts.

Several elements are of paramount concern in thinking about one's future. These elements include:

Several elements are of paramount concern in thinking about one's future. These elements include:

Equal Distribution This distribution contemplates a sharing of all of the property in the Trust by the beneficiaries. An example is one-half of the property to each of your two children, or one-third of the Trust property to each of your three children. Generally, no specific values of the assets are discussed and no specific gifts or property are usually mentioned.

"If I have a trust do I need a will?"

"If I have a trust do I need a will?"

Joint Tenancy: Joint Tenancy is a method of owning property which enables a person to hold property with one or more other persons in a manner in which the property will be owned by the survivor(s) of the Joint Tenants. Assume a husband and wife hold the title to their house as Joint Tenants [assuming no other state title statutes may apply for this example].

After death, what happens?

In most states - Probate Court. After you die, it is critical to understand that your will most likely will end up in a probate court proceeding.

Transfer of the Decedent's Estate

Probate property is property that passes under the decedent's will or by intestacy.

The following is an in depth review of a simple will. We have provided an analysis of the important provisions usually contained in a will, so that you can understand the impetus for each provision. It is expected that you will consult with an attorney before deciding to prepare your own will.

Trusts can either be revocable or irrevocable. Each trust generally sets forth a provision which enables the Trustor to revoke the trust on the happening of one or more events. In a Revocable Trust, this revocation can occur at the will of the Trustor. Anytime the Trustor decides to revoke the Trust, he/she can.

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