Tag Archives: basic

Is There More Than One Type of Will?

Just about everyone has heard of the basic estate planning document called a will or last will and testament. This is a document that you can use to record your final wishes with regard to the distribution of your monetary resources. Before we look into the other types of wills that are used in the field of estate planning, we should point out the fact that a will is not always the best choice. There are various different trusts that can be used, and in many cases, a trust of some kind would be a better option. The ideal tool will depend upon the circumstances. If you discuss all of your options with a licensed estate planning attorney, you can go forward in a fully informed manner and ultimately create a custom crafted estate plan that ideally suits your needs. Now let s look at some of the other wills that are often utilized. Living Wills There is another type of will called a living will. This document has nothing to do with financial matters. You state your preferences regarding t

What Is Included in My Estate Plan?

A basic estate plan will address the issue of asset transfers, and it will also include an incapacity planning component. In this blog post, we will take a look at the rudiments, but a well constructed estate plan will be custom crafted to suit the individual needs of the planner. Last Wills Many people reduce estate planning to the creation of a last will. You can use a will to state your wishes regarding the way that you want your assets to be transferred after you pass away, and you could nominate a guardian to care for your children if you have dependents still in your home. A last will can be a suitable choice for some people, but there are limitations when you use a will, and a will must be admitted to probate. This is a legal process that can be time-consuming and expensive. Revocable Living Trusts A revocable living trust is another viable option as an estate planning tool. The person who creates the trust can act as the trustee and the beneficiary at first, so there is no los