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When choosing a trust, many people opt for a basic revocable living trust that distributes property, avoids probate, and can provide for property management if you become incapacitated. This type of living trust is often a good choice because it is common and relatively inexpensive to make. However,
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Revocable vs. Irrevocable Trusts
What’s the difference between a revocable and an irrevocable trust, and how do you know which you need?
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While individual living trusts work well for one person’s property, a joint living trust can be a useful tool when two or more people own property together. With a joint trust, the grantors transfer jointly-owned property into the trust, and each grantor separately names beneficiaries for their share
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Learn how to set up a living trust and understand the essential steps involved in the process.
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Do You Need an Attorney to Set Up a Living Trust?
Hiring a trusts lawyer to create your living trust is often best, but in some circumstances, it’s safe and efficient to make a living trust without an attorney.
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Alternatives to Making a Living Trust
Other estate planning tools provide many of the same benefits as living trusts. In fact, if your only goal is to distribute your property, avoid probate, or plan for incapacity, you might not need a living trust. Other Property Distribution Options If your only concern is to decide who gets your property
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Curious about making a living trust online? Here is some useful information about WillMaker.
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What Is a Durable Power of Attorney for Finances?
A durable power of attorney for finances is a legal document that allows you to appoint a trusted person to manage your financial affairs if you become unable to do so. This safety net ensures that if you ever become incapacitated, your loved ones can pay your bills, file your taxes, maintain your home,
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When Does a Durable Power of Attorney Take Effect?
Most durable powers of attorney take effect immediately after they are signed, notarized, and, in some states, witnessed. In contrast, others take effect only after the person making the power of attorney becomes incapacitated. Making a Power of Attorney (POA) Effective Immediately By default, a power
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What Powers Can a Financial Power of Attorney Include?
When you create a durable power of attorney for finances, you can give your attorney-in-fact—called your agent in some states—a broad range of powers. These powers put an enormous amount of control over your finances into the hands of your attorney-in-fact, so you should understand precisely what
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Signing and Notarizing a Durable Power of Attorney
After you've done the hard work of putting together a durable power of attorney, you must carry out some simple tasks to make sure the document is legally valid. This article explains what to do. Before You Sign Before you finalize your power of attorney, you may want to show it to the banks, brokers,
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When Does a Power of Attorney End?
This article explains the steps for revoking a financial power of attorney, then discusses other circumstances under which a power of attorney may terminate or expire, including: the unavailability of an agent death divorce the appointment of a conservator or guardian, or the unlikely event that a court
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How to Make a Power of Attorney
This article explains the different types of power of attorney and walks you through each step to create a POA. You’ll also find useful links to help you along the way. 1. Decide What Kind of Power of Attorney You Need A power of attorney document lets you name a trusted person, known as your attorney-in-fact
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Attorney-in-Fact: Meaning, Powers, and Responsibilities
This article explains what an attorney-in-fact is, as well as the responsibilities and duties your attorney-in-fact may have toward you and your property. What Is An Attorney-in-Fact? An attorney-in-fact is the trusted person you appoint in a written power of attorney document to act on your behalf.
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Choosing an attorney-in-fact is the most critical decision you must make when you create a durable power of attorney. Depending on the powers you grant, the attorney-in-fact, called your agent in many states, may have tremendous control over your property. You must choose someone you trust completely.
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A will is a legal document that makes sure your wishes for leaving property to family, friends, or organizations are followed after your death. If you have a small amount of property and a simple family situation, you can probably make your own will using a state form or a trusted online program. You
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When making a will, your main task is choosing who will inherit your property. You’ll also name an executor, choose a guardian for young children, decide about forgiving debts, and determine how you want to create the will itself. This article introduces the essential steps in the will-writing process.
