Category: Estate Planning/Wills and Trusts

Revocable And Irrevocable Trusts

Understanding The Difference Between Revocable And Irrevocable Trusts

A trust creates a legal entity designed to protect, grow, and distribute estate assets. There is a common misconception that trusts are only useful for wealthy people. However, there are different reasons for setting up a trust even if you do not have a lot of wealth. Some of the more popular reasons for creating a trust are for providing for the care of minor children and avoiding probate upon death. Before determining if a trust is necessary for your estate plan, it is important to understand who are the parties involved with a trust and the difference between revocable and irrevocable trusts.

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Checking Accounts and Estate Planning | Hesch Law

For purposes of the probate court, there are two different types of property. The first is “non-probate” property, which includes assets like life insurance policies, 401(k) plans, joint deeds of trust, and other assets with named beneficiaries or automatic survivorship rights. The unique feature about this non-probate property is that it passes to a beneficiary outside the court system when the owner of the asset passes away. All other property is considered “probate” property. Probate property must pass through the probate court upon death of the owner. It is important to understand that property as simple as a checking account can end up as either type of property, depending on the structure of the account.

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Young Couples Estate Planning

Most people view estate planning as a process only involving elderly wealthy people. However, estate planning can have the same effect on younger couples as it does with older couples. Many younger couples either neglect or postpone any type of estate planning because they feel as though they haven’t accumulated enough wealth for a plan to be necessary. However, young married couples, especially those with children, should have a plan to help ensure that their loved ones are cared for in case of an emergency.

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