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Posts tagged "Estate Planning"

Tell your children why you decided to use a trust

If you decide to use a trust for your assets, it can prevent the children from using those assets in the way that they want. For instance, a trust could stipulate that the child does not get any money until age 30 or that the money has to be used to pay for college tuition.

Estate plans and the role of sibling rivalry

If you think that your estate plan just needs to address your assets, it's time to dig a bit deeper. To create an effective plan, you not only need to pass your assets on to your heirs, but you need to do it in a way that minimizes conflict. You want them to have strong family ties for the rest of their lives, after all, and you want to avoid litigation and estate disputes if possible.

What can children buy with an educational trust?

You're thinking of setting up an educational trust for your grandchildren. You know that you can put age limits on it, preventing the children from using it until they turn 18. You also know that you can limit it so that the money can only go toward their education.

2 types of guardians: Understanding the difference

If you are thinking of picking a guardian for your children as part of your estate planning process, you need to be aware that there are two different types. It is important to specify exactly what the guardian's role is intended to be and what powers he or she legally gets in the event of your passing.

The benefits of talking to your family about your estate plan

Since an estate plan largely focuses on financial details, many people assume that it should be private. Just as it is not considered polite to ask someone how much they make in a year, family members do not want to pry into someone else's personal business. An elderly person may see no reason to tell heirs exactly what the estate will leave to them.

Trusts may help if you own property outside of California

You are trying to decide if it is wise to use a trust while doing your estate planning. You know how helpful they can be, but you just need to determine whether or not your specific situation means that you'll really enjoy all of the benefits.

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