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Estate Planning

Do You Avoid Probate With a Will?

Estate Planning

There are some misconceptions that are circulated about certain aspects of the estate planning process. One of them revolves around the simple will and the probate process, and we will provide some clarity here. Intestacy If you die without a will or a trust to direct asset transfers, the condition of intestacy will be the result. Under these circumstances, the probate court would provide supervision during the estate administration process. They would designate a personal representative to … [Read more...] about Do You Avoid Probate With a Will?

Estate Planning for Millennials

Estate Planning

The millennial generation, which is sometimes called Generation Y, is comprised of people that were between 1981 and 1996. They are in the 24 to 40-year-old range right now, so they are mature adults. Some people think that estate planning is something that you do when you are old and gray, but in fact, millennials should have plans in place. There are younger adults that understand this, but they procrastinate because they do not know where to begin. With this in mind, we will provide … [Read more...] about Estate Planning for Millennials

Five Things You Should Know About Living Trusts

Estate Planning

The revocable living trust is a very popular estate planning device, and some of the benefits are widely understood. You avoid probate when you use a living trust, so there is no court involvement, and this streamlines the administration process. Another benefit is the ability to include spendthrift protections because there is asset protection after you pass away, and you do not have to provide lump sum inheritances all at once. In addition to the major advantages, there are some other … [Read more...] about Five Things You Should Know About Living Trusts

What’s the Difference Between Per Stirpes and Per Capita Beneficiaries?

Estate Planning

There are some Latin terms used in the legal profession to successfully describe certain processes, and this will apply to wills and trusts. You may see the terms “per stirpes” and “per capita” utilized, and we will provide an explanation of these terms in this post. Beneficiary Succession When you draw up a will or trust, you are obviously going to name beneficiaries to inherit the resources after you are gone. This is usually a rather simple and straightforward matter, but what happens if a … [Read more...] about What’s the Difference Between Per Stirpes and Per Capita Beneficiaries?