Providing Proper Documentation A will is the most basic tool in estate planning; it can be used for both smaller and larger estates. A will designates who gets which asset from an estate when you die. It can also be useful for younger couples to designate guardians if they have children. Despite your age or […]
A trust is a legal entity that allows a person’s assets to be held safely on behalf of that person’s beneficiaries. Trusts are increasingly being used in estate planning because they help to control and protect a person’s wealth, and they can avoid probate and associated fees and taxes. There are numerous types of trusts,
The wonderful thing about having a Trust is the avoidance of having to file for Probate within the Court system, as an estate planning or wills attorney Arlington TX trusts can attest. However, this does not deviate from the legal responsibilities of notifying all beneficiaries and communicating with them regarding assets. Dealing with beneficiaries can
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If a person dies with a valid Last Will and Testament, the deceased person is said to have died “testate,” and the distribution of assets will be governed by the terms of the Will. The only way a Will becomes valid is by proving it in court by having a judge declare it a
If you have any assets, property or important belongings, regardless of worth, it’s important to have an estate plan in place. An estate plan will allow you to arrange for the future of your belongings and your loved ones, which can give you peace of mind throughout your life. This is especially true after having
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You will want to begin with selecting what type of business you would like to run. Try to consider what its effects will be on your taxes and liability. Often, a simple and beneficial option would be for you to be the only business owner through sole proprietorship. By becoming a sole proprietor, you
You don’t have to be extremely wealthy to plan your estate. It is a common misconception that only wealthy and famous people must go through this process before they pass, but you should as well if you have any items of value like your bank account, car or home. Having an estate plan can benefit
With the rush of day-to-day living majority of people often forget to check in with their parents. People assume that their parents have super powers and even though they are aging; they simply do not need our assistance. The era of not discussing personal affairs or financials is upon us and as a society we
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When drafting a valid will, a person is required to appoint an executor whose job it is to follow and carry out instructions of the Will after that person’s death. It’s important to choose an executor carefully, because their actions and responsibilities will directly impact your belongings and loved ones after your time of death.
Trusts are becoming more and more prevalent in Estate Planning. There are many types of trusts, all of which are used to achieve different estate or asset planning goals. These include, but are not limited to Revocable Living Trusts, Irrevocable Living Trusts, Asset and Divorce Protection Trusts, Gift Trusts, Retirement Benefit Trusts, and Special Needs
Trust Law 101: What do I do if I am Named a Trustee of a Trust? Read More »