An incentive trust may help you ensure that your heirs act responsibly after you pass away. For instance, popular sought-after behavior includes things like getting a job, starting a company or graduating from school. Others involve family, as the trust could pay out extra if the heir gets married or has kids.
An unfortunate reality of aging is that you may not realistically be able to make all of your choices on your own. A stroke could leave you incapacitated or the onset of Alzheimer's could mean you're not always thinking clearly.
When it comes to planning your wealth and taking care of all family members, it is essential that you look into all options fully. If you have a child that has a severe illness or disability for example, you may want to set up a trust that can help to support them with everything that they need. In desiring this, you may want to set up a special needs trust.
There are many different types of wills and testaments, and many of which will be applicable in one state but not in another. For example, in some states, holographic wills are not considered valid, but in other states, they are perfectly legitimate forms of last wishes. The following are the most common forms of wills and testaments.
It can be a very concerning experience to believe that a loved one was coerced into making a will as another person intended it to be. If you have experienced this, you are likely to feel anger, and a determination to change the course of events so that justice is finally done.
Nobody wants to get into an argument with their family members about inheritance, especially when simultaneously going through the mourning process of a loved one that has passed away. However, at the same time, feeling as though a relative that you loved and trusted has deceived you or tried to take advantage of you can be an infuriating feeling, bringing about a high amount of anger and stress. Fortunately, however, there are ways in which you can resolve these disputes and move on with your life in a positive way. The following are some of the most common ways for a dispute to arise, and what can be done about them.
Unfortunately, although matters of the estate usually revolve around the family, it is not an area that is immune to fraud. Many people will go to extreme lengths to secure their inheritance, and that can include breaking the law and committing fraud against a family member. This is why it is important to go to great lengths in order to ensure the protection of your will or trust.
Abatement occurs in a situation when an estate is too small to deal with the administration expenses and creditor's claims alone that would occur. This means that a process of allocating the scarce resources that do exist has to take place. The process of doing this is called abatement.
If you are a parent to a child with some type of disability, then it's never too early to start coming up with an estate plan. Having a plan of this sort in place is particularly critical in this case because it ensures some degree of continuity of care for your child should you become unable to render necessary decisions yourself.