There are many differences between revocable and irrevocable trusts. When choosing between these two types, it all boils down to preference. Do you prefer having control or protection? Revocable trusts: Flexibility and control When you establish a revocable trust, you...
Estate Planning
Can I exclude family members from my will?
Making the painful decision to exclude a family member from your will often stems from years of damaged relationships or unresolved conflicts. The choice to disinherit someone carries deep emotional weight. However, circumstances sometimes make this decision necessary...
Can you leave assets to a young child in your will?
As a parent, leaving a lasting legacy for your child is likely your top priority. Often, this is achievable through careful estate planning. But can a young child inherit assets from a will, and what are the implications? The law aims to protect your estate and your...
Why create an irrevocable life insurance trust (ILIT)?
An irrevocable life insurance trust (ILIT) is a type of trust specifically designed to hold and manage a life insurance policy. Unlike revocable trusts or wills, which you can change or revoke at any time, an ILIT is set in stone once it's created. When you set up an...
How to choose a worthy estate executor
Choosing the right executor for your estate is a big decision. It isn't a job just anyone can take on. It's a heavy responsibility, one that can affect the lives of the loved ones you leave behind. If your estate goes through probate court—which happens with many...
What assets should you include in your living trust?
A living trust is a powerful estate planning tool that offers significant benefits. This legal document allows you to manage your assets during your lifetime and transfer them to your beneficiaries after your passing, often without the need for probate. However, to...
What you need to know when settling your parent’s estate
Settling a parent's estate can be daunting, especially during a time of grief. As the executor, you're responsible for making sense of their financial affairs, dealing with lawyers and banks and figuring out how to distribute their belongings among family members....
What are the pros and cons of having an irrevocable trust?
As individuals plan for their financial futures, they often consider various strategies to protect their assets and ensure their loved ones will continue to receive their support. One tool that can achieve these goals is the irrevocable trust. If you are considering...
Why young parents need to start estate planning now
For many young parents, it is easy to think of estate planning as something they can worry about much later in life. However, life is unpredictable. What if something unexpected happens? Imagine the stress of navigating your own challenges and also worrying about how...
Is gatekeeping a sign of undue influence on the elderly?
You always had a close relationship with your grandmother – until your uncle moved into her home to serve as her caregiver. Suddenly, you find that you’re increasingly less welcome to visit – if not outright discouraged based on the idea that your visits are a strain...