5 Tips for Creating a Revocable Living Trust

A revocable living trust can be a helpful estate planning tool if used properly. These “living trusts” can help your family avoid the costly and time-consuming probate process and save you money in estate taxes as well. By creating a living trust, you can often lessen the burden on your loved ones after you are gone. Not all living trusts are created equal. You should use the following tips to help you create a Read More

How to Choose a Trustee: 6 Essential Attributes

Choosing the right trustee is extremely important because this decision can ultimately affect how efficient your trust will be in the future. It will affect your beneficiaries, who are often people or entities that you care about deeply. Choosing an ineffective trustee can ultimately undermine your goals in setting up your trust. You should look for the following characteristics in any individual that you are Read More

Advantages and Disadvantages of Creating a Testamentary Trust

Trusts can be created either during or after your lifetime. Trusts that are created after your lifetime are called testamentary trusts because they are established in your “last will and testament.” The trust is described in the will and all of the terms are often found in the will. In other situations, a testamentary trust can sometimes be created by referring to another document that actually creates the trust. Read More

Advantages and Disadvantages of Creating a Revocable Trust

Revocable trusts are similar to irrevocable trusts with one key exception—revocable trusts are, as the name suggests, revocable. This means that the trust can be terminated or changed by the grantor of the trust as he or she sees fit. Depending on your circumstances, there are both advantages and disadvantages to having the control afforded by a revocable trust. We have outlined a few of the most important Read More

Advantages and Disadvantages of Creating an Irrevocable Trust

An irrevocable trust, like any trust, is a vehicle whereby property is set aside by a grantor and held by a trustee for the benefit of a beneficiary. Irrevocable trusts, as the name suggest, are distinguished by the fact that the grantor gives up ownership rights to the property and the trust usually cannot be changed. Below we have detailed some of the key advantages and disadvantages of creating an irrevocable Read More