Living trusts offer significant protections for your estate and heirs. You set them up with care and thought, but what happens when your circumstances or wishes change? Life isn’t static. You’ll want your trust to remain updated throughout your lifetime.
In this informative webinar we discuss the critical aspects of Advanced Health Care Directives (AHCD) and Do Not Resuscitate (DNR) forms. We provide valuable insight into the purpose and significance of AHCD, shedding light on the key differences between the two documents and equip you with the knowledge to make informed healthcare decisions.
Estate planning is a powerful tool that allows individuals to ensure their assets are distributed according to their wishes after they pass away. One scenario that often comes up during estate planning discussions is the decision to leave a small inheritance, such as $1.00, to an estranged relative.
If you’re like many, you don’t really want to think about what happens if you sustain a serious injury or illness. It’s incredibly challenging if you are healthy. However, planning for it can provide a sense of relief for you and your loved one. You and they will know what to expect and what to do should you become incapacitated and no longer able to make decisions for yourself.
In this informative webinar on the Power of Attorney, where we discuss its importance, when it is needed, and the different types of Power of Attorney. This session is designed to help you understand the intricacies of this legal document and empower you to make informed decisions.
So you've distributed a trust, believing that all the assets were accounted for and transferred to their intended beneficiaries. It seems like a job well done, ensuring everyone received what they were entitled to. But what if, after the distribution, you stumble upon the startling revelation that there are additional assets that were overlooked or not previously known? The question arises: What happens if assets are discovered after a trust has been distributed? In this perplexing scenario, a series of legal implications, challenges, and potential solutions come into play. This kind of situation isn’t uncommon, and while the landscape of post-distribution asset discoveries may seem intricate, there are ways to prevent such a predicament from happening, as well as solutions on how to tackle the situation if it has already happened.
The Importance of Settling Trust Debts First: Ensuring a Fair and Responsible Distribution of Assets
The process of distributing assets from a deceased individual's estate can be difficult and emotionally challenging for the heirs involved. While it may be tempting to swiftly divide the estate among beneficiaries, it is essential to understand the importance of prioritizing the payment of debts before distributing assets. By doing so, you can ensure a fair and responsible distributions, protect the integrity of the estate, and fulfill legal obligations. Let’s explore why it is crucial to prioritize settling the deceased estate's debts before distributing assets to the heirs.
A properly crafted estate plan should always contain well written distribution provisions when the recipient is a minor. The creator of the estate plan first needs to determine the age of partial or outright distribution. This can be any age but a common guideline, although not required, might be upon the recipient attaining the age of twenty-five years. This does not mean that no distributions are available to the recipient prior to that age. A well written estate plan will establish the age of distribution and rules for the distribution prior to the beneficiary attaining said age. For definition purposes, a beneficiary is considered a minor if they have not yet attained the age of partial or outright distribution.
If you are wading into the estate-planning process, you might be overwhelmed by the decisions you must make. It can be a complex endeavor and having to understand the numerous documents and terminology involved doesn’t make it any easier. One of AmeriEstate’s roles is helping people understand an estate plan's structural and legal aspects to reduce confusion and make it easier to navigate the process.
Special Needs Trusts and Supplemental Needs Trusts: Protecting Public Benefits and Providing for Individuals with Disabilities
Do you have a child, family member, or friend of someone with special needs? In this webinar, we discussed the differences between Special Needs Trusts and Supplemental Needs Trusts.