- How to Claim a Deceased Bank Account Without Probate
When someone dies, their bank accounts do not always have to go through probate before the money becomes accessible. Many accounts pass directly to a named beneficiary through tools like payable-on-death (POD) designations or joint ownership with rights of survivorship. In other cases, small estate laws may allow heirs to claim funds using an affidavit… read more…
- Does a Bank Account Beneficiary Override a Will?
It’s easy to assume your will has the final say over who inherits your money, but that’s not always true. Just one bank account beneficiary form can quietly override written estate plans and redirect funds in ways families don’t expect. Understanding how bank account beneficiaries work can help you avoid surprises and ensure your money… read more…
- Trust Officer: Role, Responsibilities and When You May Need One
A trust can be a powerful way to protect your assets while providing for the people you care about. However, creating the trust is only part of the equation. Someone must still execute your instructions and manage the financial and legal details long after the paperwork is signed. That’s where a trust officer comes in,… read more…
- Can a Trust Buy Real Estate? Pros, Cons and Steps
A trust can buy real estate just like an individual or business can. In many cases, people title property in the name of a trust to efficiently manage assets, reduce probate exposure or maintain privacy. When a trust purchases a home, the trustee handles the transaction on behalf of the trust’s beneficiaries. The process is… read more…
- Who Pays the Mortgage on a Home in a Trust?
Placing a home into a trust can be an effective way to simplify estate planning, avoid probate and allow a smoother transfer of assets to heirs. But when that home still has an active mortgage, additional considerations apply. Questions often arise about responsibility for payments, the effect on the loan and whether the lender must… read more…
- What Happens to a Trust After the Grantor Dies?
A trust is used to control how assets transfer after death. When the grantor dies, the trust becomes an active legal entity. The trustee follows the trust terms, manages assets, distributes property to beneficiaries and handles required tax filings. How this process works depends on the trust type and the instructions in the trust document.… read more…
- Can You Put a Mortgaged House Into a Trust? Pros, Cons and Steps
Putting a home into a trust can be part of an estate plan and may help transfer the property to heirs with fewer delays. A mortgage does not always need to be paid off first. In many cases, a mortgaged home can be placed into a trust without affecting the loan, as long as legal… read more…
- Inheritance Tax Planning: Rules and Exemptions
An inheritance can add to your finances, but taxes may reduce the amount that reaches you. Some states tax beneficiaries directly, while separate estate taxes may apply before assets are distributed. Inheritance tax planning accounts for these rules in advance by using exemptions and transfer strategies to limit what is lost to taxes. A financial… read more…
- Buying a Home in a Trust: Revocable vs. Irrevocable
When you buy a home, the way the title is held affects how the property is managed, transferred and inherited. Some homeowners place a home in a trust to add privacy or simplify what happens after death. Choosing between a revocable and irrevocable trust depends on how much control you want to keep and how… read more…
- Efficient Estate Planning After the Passing of a Parent
When a parent passes away, you may need to take on financial and legal responsibilities quickly. This can include securing bank accounts, managing bills and taxes and handling property or estate matters. Many of these tasks are time-sensitive and mistakes can create delays or added costs. A financial advisor can help review inherited assets, address… read more…
- Grantor vs. Non-Grantor Trust: Key Differences
The key difference between a grantor trust and a non-grantor trust is how taxes are handled. In a grantor trust, the person who created the trust reports all trust income on their own tax return. In a non-grantor trust, the trust files its own return as a separate taxpayer, which can lead to higher tax… read more…
- What Happens to Property Left Out of a Trust?
When someone passes away and their property is not in a trust, these assets must typically go through probate. Probate is a court-supervised process that can delay distribution, increase costs and expose private matters to the public. A financial advisor can help manage your assets and guide you in making decisions that support your estate… read more…
- Cross-Border Estate Planning Guide
When it comes to estate planning, a global lifestyle can create unexpected complications. Different nations have their own tax laws, inheritance rules and legal systems. These distinctions can collide when assets and heirs span borders. Without a coordinated plan, your estate could face delays, disputes or unnecessary taxation, making it essential to prepare proactively. Estate… read more…
- Does a Revocable Trust Become Irrevocable After Death?
A trust can be a valuable way to protect your estate, but there are many considerations to make when choosing the right type of trust for your needs. For example, does a revocable trust become irrevocable upon death? A revocable trust does generally become irrevocable upon the grantor’s death, meaning its terms are no longer… read more…
- Trust Fund vs. Inheritance: Which Is Better for Beneficiaries?
When it comes to estate planning, families often wonder whether it’s better to leave behind a trust fund or a traditional inheritance. Both options provide meaningful financial support. However, they manage, distribute and protect their assets in different ways. Understanding these differences isn’t just important for grantors making estate planning decisions. It also helps beneficiaries… read more…
- Probate vs. Trust: How They Work and When to Use Each
When planning for the transfer of assets after death, two terms come up often: probate and trust. Probate is the court-supervised process of validating a will, paying debts and distributing assets to heirs. A trust is a legal arrangement that holds and manages assets for beneficiaries, which can allow them to bypass probate entirely. Choosing… read more…
- Can You Set up a Trust Without an Attorney?
With today’s rising costs, some people consider setting up a trust without an attorney. But while online tools or DIY templates can work for simple revocable living trusts, more complex estates could benefit from professional legal help. Doing this could help you avoid potential mistakes that might delay distributions or create legal disputes among beneficiaries.… read more…
- Trustee vs. Beneficiary vs. Grantor: Estate Planning Guide
When a trust is created, three distinct roles define how it functions: the grantor, the trustee and the beneficiary. The grantor sets up the trust and contributes the assets. The trustee manages those assets according to the trust’s terms. The beneficiary receives the benefits from the trust, either through income, principal or both. Understanding how… read more…
- Trust vs. Trust Fund: Definitions, Purposes, Key Differences
While the terms trust and trust fund are often used interchangeably, they represent different aspects of estate planning. A trust is a legal arrangement where one party gives another the right to hold and manage assets for a third party. It’s essentially the legal framework that establishes how assets will be handled. A trust fund,… read more…
- Do IRAs Go Through Probate? Estate Planning Rules
Individual retirement accounts (IRAs) are popular retirement savings vehicles that offer tax advantages, but do IRAs go through probate? Unlike many other assets that you own, IRAs typically bypass the probate process entirely—provided you properly designate your beneficiaries. This distinction can save your loved ones significant time, money and stress during an already difficult period.… read more…
- What Does It Mean to Be a “Trust Fund Baby”?
A “trust fund baby” is someone who receives money or assets from a trust that is set up by family. This often gives them financial support without needing to earn it themselves. While the term is sometimes used to suggest luxury or entitlement, it mainly means that the person benefits from a legal financial arrangement… read more…
- How to Know If You Have a Trust Fund: Tips and Steps
Discovering you might have a trust fund can be life-changing, but many potential beneficiaries remain unaware of their good fortune. If you suspect you have a trust fund waiting, there are several practical steps you can take to find out. From reviewing family documents and speaking with relatives to consulting financial institutions and legal professionals,… read more…
- What Rights Does a Trust Beneficiary Have?
When someone names you as a trust beneficiary, you receive certain legal protections and privileges. However, understanding a trust beneficiary’s exact rights can be confusing. Trusts are powerful estate planning tools allowing for the management and distribution of assets according to specific instructions. The level of control and information you receive depends on several factors.… read more…
- 5 Reasons Why You May Want to Set Up a Trust Fund
Contrary to popular belief, trust funds are not just for the ultra-wealthy. They are versatile financial instruments that can help individuals across various income levels achieve specific estate planning goals. So, why set up a trust fund? It can provide a number of benefits, such as minimizing estate taxes, protecting assets from creditors, providing for… read more…
- I Want to Give Money to My Son and His Wife. How Much Can I Give Without Triggering Taxes?
Let’s say that you would like to give money to your son and his wife. How much can you give them without triggering the gift tax? There are two answers to that. First, each year you can give them up to $19,000 without reporting the gift to the IRS. Second, in addition to this annual giving,… read more…