Funding a trust is critical when you have a trust-based estate plan. A trust is a receptacle, like a box. Before you fund the trust, it’s like the box is empty. You fund a trust by retitling assets into the name of the trust. Let’s say you have several items that you want in the trust. Let’s say you have items A, B, C, and D that you want to go to the trust. Let’s say you fund assets A, B, and C to the trust, but forget about item D. Maybe it’s an asset you don’t see frequently and it … [Read more...]
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To My Dog, Lucky, I leave $10,000
Since the dawn of time, pets have held an important place in our hearts and our homes. Ancient Egyptians used to mummify faithful pets and have them buried with themselves. This was a dubious honor for the pet. Even in modern America, people have attempted to take their pets with them. For example, Mary Murphy died in 1979, leaving $200,000 to Pets Unlimited, a shelter for pets. However, the more controversial provision in her Will was her command that her pet collie, Sido, be euthanized. The … [Read more...]
Building Flexibility into Your Plan
When you prepare your estate plan, typically there are formalities required. In most states, a Will must be signed by the testator (the person whose property is governed by the Will) and that signature must be witnessed by two people. The rules vary a little from state to state. For example, in some states, three witnesses are required. In other states, a Will need not be witnessed by others, as long as it is entirely in the handwriting of the testator and signed by the testator at the end … [Read more...]
Funeral Contracts Should be Avoided
In an effort to make things easier for their loved ones, people sometimes enter into prepaid funeral contracts. The idea is that you pay for all of your own funeral and burial or cremation expenses in advance. When you pass away, your family notifies the service and the service handles everything. When you enter into the contract you will have the opportunity to make specific choices with regard to the details of your funeral and burial or cremation. The service is legally compelled to … [Read more...]
Joint Tenancy Problems in Estate Planning
Sometimes people use Joint Tenancy as a simple way to do Estate Planning. This can have drawbacks, sometimes serious and unexpected. First, why is Joint Tenancy a simple way to do Estate Planning? At the death of a joint tenant, the property automatically transfers by operation of law to the remaining joint tenant(s). This can be attractive because it bypasses the probate process and all it entails. Probate is the process that moves property titled in the name of one person (the decedent) … [Read more...]
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