You develop your estate plan to try to make sure all runs smoothly after you pass away.
We hear the term "trust fund baby" and think of children who attend boarding schools, go on to Ivy League colleges and summer in the Hamptons or Europe in between.
When planning your estate, it is likely that you will have read about the different types of trusts. But the differing types of wills are less frequently discussed and explored.
Many people choose to create trust funds for the benefit of their loved ones. Trust funds have a great number of benefits, and they are not only for the extremely wealthy. If you are starting to plan your estate in the state of Massachusetts, it may be worthwhile for you to take the time to understand more about their benefits.
The probate process can be lengthy and costly. Therefore, it is understandable that many people have concerns when they have to deal with the process. There are many ways to avoid probate. However, if there is a will, it must go through the probate process.
Any person with considerable assets should start to think about planning their estate as early as possible. If you are a business owner, it is likely that you will want to leave a legacy for your descendants and that you will hope the business will thrive for many years to come.
There is a great deal of confusing terminology that comes with planning your estate. If you are considering starting a trust, you may wonder what it means to fund one. All living trusts need to be funded before they are considered to be fully functioning trusts.
If a person passes away and they have not made a will at the time of their death, they are referred to under the law as dying intestate. When a person dies intestate, the probate court usually deals with the situation, and there are certain benefits to this.
When you enter retirement, it is likely that you will start to think about how you would like your assets to be used at the end of your life. It is very common for those planning their estate to decide that they would like a portion of their assets to go to their grandchildren. However, while they have all the best intentions for these assets to be inherited by their grandchildren, it is likely that they also have concerns about large sums of money being inherited by young people, and want to make sure that the assets will be used in a wise way.
As the years pass by, it is common to start thinking about making a will. Making a will is something that many people do not look forward to doing, and often people are overwhelmed by the several options they have, and become confused by the legal jargon.