There are many options when it comes to trusts, from revocable to irrevocable trusts and spendthrift trusts. However, it is crucial to pinpoint which type of trust will best suit your individual circumstances and the unique needs of your loved one, especially if they are struggling with a disability. For example, some people set up a special needs trust, which can be highly advantageous for beneficiaries, in certain circumstances. Regardless of the type of trust you decide will work best for you and those you love, it is crucial to carefully weigh your options and make the smartest decision.
When it comes to trusts, there are all sorts of relevant issues to take into consideration, such as how the end of marriage could affect the distribution of an estate following someone’s death. Whether you have a revocable or an irrevocable trust, it is important to take a closer look at your estate plan if you are planning on filing for a divorce or have already brought your marriage to an end. Moreover, if you have an irrevocable trust, there are special considerations that apply to your circumstances.
Our law firm has addressed some of the challenges that may arise with regard to estate planning, from reviewing your estate plan after a divorce to deciding which one is right in the first place. With that said, there are far more issues to take into consideration if you are setting up an estate plan, some of which may be unique to your personal circumstances and those involving your loved ones. For example, decisions that are made regarding a will or a trust could lead to hostility and arguments within a family.
If you are approaching the idea of an estate plan for the first time, you may have various questions and be unsure of which plan is best for you. Some people decide to move forward with a will, while others opt for a trust. Moreover, there are different kinds of trusts. In this write-up, we will look at living trusts and review some of the advantages that come with this type of estate plan. It is important for you to identify which type of estate plan will work best given your personal circumstances beforehand.
Your father has died, his will has been read, and most everyone in the family is not satisfied with the results. What do you do? Challenging your father’s will is an option, but it can prove costly and often be unsuccessful.