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Think carefully about including trusts in your estate plan

One of the legal estate planning tools that you can utilize to get your affairs in order is the trust. You have to think carefully about trusts because once you create some types of trusts and put assets into them, you can't change them. These are known as irrevocable trusts.

Ensure your estate plan is enforceable

Thinking about your family members fighting tooth and nail when you pass away isn't something that pleases most people. In fact, the desire to squash the issues is one reason why some people create estate plans before they die. What many people don't think about is the fact that some family members might still pitch fits.

Trusts and other estate plan components are often complex

In our recent blog post, we discussed the definition of a decedent. This is only one concept that you must understand if you are responsible for any part of handling a person's estate when he or she passes away. We understand that many people will have some very serious questions about various points of the probate process.

Prince heirs file claim for millions against trust administrator

Who, exactly, is going to end up on the final list of Prince's heirs is still up in the air, but the courts have been systemically weeding out claimants and certain blood relatives are still standing. Two of those likely heirs have recently filed a lawsuit against the Bremer Trust, which is administrating the estate temporarily while probate matters are cleared up.

Qualified personal residence trusts offer some financial benefit

If you own real estate, then you might consider a qualified personal residence trust as the vehicle for passing that property on to children or other heirs. A QPRT can help you reduce the amount of gift or estate taxes you or your heirs might end up paying.

Could a trust benefit you and your heirs?

While almost everyone knows what a will is -- and would even agree that they are important -- many people never think about trusts. The word trust is often reserved for phrases such as trust-fund baby, and those types of phrases create false thinking around the concept of trusts. You don't have to be rich to benefit from creating a trust.

What are some benefits of a charitable remainder trust?

Setting up a charitable remainder trust lets you help a charity that you want to support while also helping yourself during this life. It also lets you pave the way for a legacy upon your death. Many of the personal benefits of a charitable remainder trust relate to taxes.

Three steps in trust administration

Many times, trusts are administered by professionals who are used to the task, but there are also cases when a family member or other trusted individual is placed in charge of a trust. This is especially common if a trust was set up to help ensure that a minor child or other dependent is taken care of in the event a parent or provider passes away. If you are suddenly thrust into the world of trusts, it can be confusing. Here are three common steps you'll need to take.

Some types of trusts

In past weeks, we've talked about why you might want to consider having a trust and the benefits that can come from including a trust in estate planning. Once you decide that a trust is right for you, you might have to work with your legal representative to decide which type of trust is going to deliver the benefits you want.

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Suzanne P. Nicholl
6165 Greenwich Dr.
Suite 340
San Diego, CA 92122
Phone: 619-894-8552
Fax: 858-373-5556
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