The full title is a Qualified Personal Residence Trust. This is an irrevocable process whereby you can use a gift tax exemption to remove a residence from your taxable estate. It removes the current and future value of a primary or secondary residence for just pennies on the dollar. During the term of a QPRT,…

After someone dies, their appointed trustees and executors have many responsibilities. Such fiduciary duties are usually scrupulously dealt with. However, there are three areas where this might not happen. These breaches often refer to one or more three key duties… Care – representatives should manage assets according to both the law and estate documents Impartiality…

Executors are individuals above the age of 18 who you appoint to handle your estate after your death. Choosing the right executor of your will is, thus, vital as they are responsible for all the decisions relating to your estate, such as spending money for your minor children. When choosing your executor, ensure they are…

Going through a divorce can be challenging for any couple, especially when children are involved. However, after your divorce, it’s vital to update or revise your estate plan to ensure your assets go to the right person/s when you die. Besides, during a divorce, your assets, property and debt will be divided, requiring you to…

Providing for your kids in case you die prematurely is vital in ensuring they live comfortably after you’re gone. However, many parents worry their children may not be financially responsible and can mismanage an inheritance. Luckily, you can avoid this by naming a property guardian in your will to manage whatever property the child inherits.…

A will is a legal document in which an individual expresses their wishes as to how their property will be distributed upon death. However, many people avoid writing wills because they don’t know much about probate, trusts, and wills. Here are some common myths about wills you should avoid. If someone dies without a will,…

Dying intestate means you pass on without a will and the intestacy laws of your state determine the distribution of your property. While these laws vary greatly between states, in most cases, your real estate is distributed to your “heirs” in split shares. For example, if you’re married and have children, they will inherit your…

There is a wide range of reasons why a will might be contested. Among the most frustrating for beneficiaries, and one never intended by the person making that Will, is for the formalities – or technicalities, if you prefer – to be at fault. Problems can include a lack of proper notarization, incorrect paperwork, or…

It may be; particularly for estates of less than $100K and with adult off-spring beneficiaries with no Special Needs. However, Simple Wills do usually require court supervision. Among the key reasons for this is oversight of property transfer to beneficiaries. This leads to court costs, plus legal and executor’s fees, estimated at over 4% of…

This is a way of adding specific information to your will without making it of excessive length. It also allows you to make later changes without having to work through what can be an extremely drawn-out process. Your Memo of Personal Property allows you to bequeath items to individual heirs. You can include items such…

When it comes to choosing an estate planning law firm, these are the 3 main factors to consider. Experience The longer an estate planning law firm has been operational, the greater experience they have, gained from handling similar cases in the past. Reputation Any reputable estate planning attorney and law firm will have tons of…

Hiring an estate planner is the best decision you can ever make when selling property. Estate planning attorneys are advantageous since they help you carry out sales smoothly and also deal with unplanned variables. Here are some reasons why you should hire an estate planning attorney. They are experienced; therefore, they can handle real estate…