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What Are the Responsibilities of a Trustee?
When you create a comprehensive estate plan, it is likely to include one or multiple trusts. A trust is an incredibly useful document in estate planning because it prevents the assets listed in it from falling under state jurisdiction after your death. Instead, the trust and its assets become the responsibility of the trustee. You should understand the importance of selecting a trustworthy and responsible trustee. A trust attorney can help you select the right person to act as the trustee for your estate plan. Naming someone a trustee is a big decision. This person, whether they are a family
Should I Consider a Revocable Trust?
A revocable trust, also called a living trust, is a legal document and entity where you can place your assets and assign beneficiaries to those assets. Because the trust is revocable, those assets remain fully in your control throughout your lifetime, and you can change the assets and beneficiaries listed in the trust at any time. A trust is an incredibly useful estate planning tool, and an experienced estate planning attorney can help you determine if a trust is beneficial for you. A trust, like a will, distributes the assets in your estate to your beneficiaries. However, a trust will
When Should You Review and Update Your Estate Plan?
Estate plans are an exceptional tool for safeguarding assets, protecting your interests at the end of your life, and ensuring your loved ones receive the most benefits possible from your estate. However, these protections are useless if your estate plan is found invalid or is somehow unenforceable, which is common if it was created without a Midwest estate planning lawyer. These protections can also be impacted by life changes, preventing your wishes from being carried out. It’s important that you continually update your estate plan throughout your life to reflect your current goals and ensure it is enforceable. Most attorneys
What Is Probate and How Do I Avoid It?
Estate planning is important, even though thinking about your own death can be difficult. When you create a proper estate plan, you protect your hard-earned assets, your family, and future generations. Whether you are just beginning the estate planning process or have an established estate plan, it is important to know about various aspects of the system that you and your loved ones may encounter. Probate is a significant aspect of the estate planning system, and it is crucial to understand how it works. Our team at Stange Law Firm offers reliable information for those looking to begin or update
5 Estate Planning Concepts You Need to Know
Although it can be uncomfortable to think of your own mortality, it is important to explore estate planning early in life. Many people wait until they reach an advanced age, or are seriously ill, to begin thinking about their estate plans. This leaves your family and loved ones in a state of insecurity. It can cause serious issues for them after you pass. Unfortunately, estate planning often feels confusing, and many people do not know where to begin. However, with the help of an expert estate planning attorney, you can navigate the process with ease. Regardless of your situation, there
Should I Discuss My Estate Plan With My Children?
Estate planning can be an uncomfortable topic for some people, but creating a comprehensive and legally enforceable estate plan can provide several valuable advantages to your loved ones. For example, in creating their estate plans, many parents wonder whether they should talk about their estate plans with their children. While it can be very difficult to approach end-of-life planning as a subject of discussion with younger children, older Americans with adult children benefit significantly by having honest conversations about estate planning. These conversations may be difficult, and every family has unique dynamics. When it comes to whether you should speak
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