Conversations with your parents about estate planning can be uncomfortable. You worry they might be offended by the topic and question your motives. But eventually, they will pass away, and there are a few reasons why you and your parents need to have an open and...
Month: February 2024
Can a trust outgrow its usefulness?
When you set up a trust, you likely want to have some control over what happens to the money. Instead of just passing that money on to the next generation through your will, you are going to fund the trust in advance. This way you can choose a specific purpose for it....
Why do people try to avoid probate?
Most people use a will as the principal vehicle for their estate planning. There is nothing wrong with this; you can accomplish a lot with a simple will. However, one disadvantage is that most wills must pass through probate. While the probate process offers the...
Why can incentive trusts lead to resentment?
An incentive trust can be useful if you want to influence a beneficiary’s behavior in the future. You can use the trust to give them certain incentives so they will live in a way that you approve of. This can also be used to protect the inheritance if you’re worried...
Should you wait until you have more assets for estate planning?
When you look into the statistics, you’ll find that most people don’t have an estate plan. There are a few different reasons for this, such as those who aren’t sure what paperwork they need or who find the process confusing and overwhelming. But one common refrain...