You have worked hard throughout your life to accumulate the assets that you have during your lifetime, so it's only natural that should something happen to you (such as if you were to get ill or disabled) or if you were to pass away, that you would want to make sure that you maintain some control of those hard-earned assets. This is where estate planning can help. When it comes to estate planning, there are two main types of legal instruments used-a Will and a Living Trust. Many people have heard of a Will, particularly as it is a term that is often times used throughout TV shows and movies. However, fewer people know what a Living Trust is or what the differences are between the two types of estate plans.
What's the Difference Between a Will and a Living Trust?
3 common mistakes that may delay the probate process
Creating a will is an important step in planning for the future of your estate and family after you're gone. A well-crafted, comprehensive estate plan can take time and expertise to complete, but it's worth the effort to mitigate the chances of a complicated, divisive probate process.
What's In a Name? A Lot, When It Concerns Account Titles
Having an adult child added as an owner of bank account is a fairly common occurrence that allows both elderly parent and child to have access to the account if the parent needs assistance in managing their money. But most people don't know that by titling an account differently, the account can still be accessible without being owned by the child when the parent passes away.
John Mahoney Left Behind $5 Million and Many Heirs
Court lists 38 friends and relatives as potential beneficiaries to actor's estate.
Totten Trust Is One of the Simpler Trusts
It is best to be cautious when setting up a trust. However, there are some simple ones that are easier to change.
Do Not Avoid Probate by Gifting House to Children
Avoiding probate is a good idea, but not at the cost of losing your home.
Undue Influence Difficult to Prove but Not Impossible
Legal formalities are the key to a valid will. However, undue influence can create a major challenge.
Michigan Accepts Unsigned Will into Probate
An appellate court in Michigan overturns precedent and rules signature is not needed.
Woman Claiming to Be Prince's Wife Steps Forward
'Wife' says she has marriage license and a will.
Revocable Living Trust Can Be Confusing
It is important to understand the legality of a trust and how it fits in with your estate plan.
