FEATURES & NEWS

Many people wonder if life insurance is considered part of the estate. The answer is no, life insurance typically bypasses probate and goes directly to the beneficiaries listed on the policy.

Many individuals are exploring the option of putting their house in trust to avoid care home fees in the future. This legal strategy is not without its complexities and implications. Let’s delve into whether this approach is truly effective and ethical.

The question of whether an executor can also inherit from a will is a common query that many people have. While the answer isn’t always straightforward, it ultimately depends on various factors such as the specific laws in place and any potential conflicts of interest. Let’s delve deeper into this intriguing topic.

When it comes to estate planning, clothing is often overlooked as an asset. However, valuable designer pieces or vintage collections can hold significant value and should be included in your estate inventory.

Many families consider gifting their homes to their children as a way to protect assets from future care costs. However, it’s important to consider the legal and practical implications before making such a decision.

Trust can be categorized into four types: contractual trust, communicative trust, competence trust, and care trust. Each type plays a crucial role in building and maintaining relationships in both personal and professional settings. Let’s explore each type in depth.

While many trusts offer a level of confidentiality and asset protection, certain types of trusts cannot hide assets. These include irrevocable trusts, as well as any trusts involved in fraudulent or illegal activities. Trust transparency is crucial for maintaining trustworthiness.

Curious about what happens to a power of attorney when the person passes away? Find out the rules and limitations surrounding the withdrawal of money after death.

When it comes to passing on wealth, some individuals argue that trust is better than inheritance. Trust can provide protection, flexibility, and control over assets, allowing beneficiaries to benefit in a more structured and responsible manner. However, others may argue that inheritance provides a sense of security and tradition that cannot be replicated with a trust. Ultimately, the decision between trust and inheritance depends on individual circumstances and values.

Avoiding probate can save time and money for your loved ones after you pass away. Setting up a living trust, naming beneficiaries on your accounts, and establishing joint ownership are just a few ways to bypass the lengthy probate process.

In the event of a partner’s passing, many wonder what will happen to a joint bank account. Contrary to popular belief, there is no automatic transfer of ownership to the surviving account holder. It’s important to understand the implications and potential legal complexities involved.

Putting a house in trust means transferring ownership of the property to a trust, managed by a trustee for the benefit of the beneficiaries. This can provide asset protection and estate planning benefits.

Giving a large sum of money to a family can be a generous and thoughtful gesture. It’s important to communicate openly, set clear expectations, and seek advice from financial experts to ensure a smooth transfer of funds.

Avoiding probate in New York can be a daunting task, but with careful planning, it is possible. From creating a living trust to designating beneficiaries on accounts, there are various strategies to ensure your assets are passed on smoothly.