Estate planning is all about ensuring that your wishes are met after your death. All estate plans should include a will and powers of attorney. However, in many cases, a trust has additional benefits beyond what can be accomplished with the will and powers of attorney.
When creating an estate plan, it may be necessary to name a trustee to handle your assets.
Although there is often a progression of complexity in estate planning, this progression generally follows stages in life rather than specific ages.
Develop a successful transition plan that will provide for you, your heirs and your business.
If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.
One component of your estate plan may be a testamentary trust, which is a legal document, usually created within a will, that becomes effective at your death.
Trusts are legal entities that own assets, and all trusts are not alike. They are created by a written trust document with certain provisions that can vary from trust to trust.
If you like the way the laws are today, you need to take advantage of them now, before they are changed tomorrow. In other words, use it or lose it.
Some marriages end in noise and pain. Other marriages drift away quietly with the signing of documents and only a hint of acrimony.
If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.
