revocable living trusts Archives - The Law Office of Tawnya Gilreath

March 24, 2019May 23, 2019 by Tawnya Gilreath

What do successor trustees and executors do?

An executor, sometimes called a personal representative, is the person who is named in a will, appointed by the court, and responsible for probating the will and settling the estate. Depending on the state, an executor may work under court supervision or may use so-called “independent” administration for an unsupervised probate. A trustee, on the other hand, is an individual or trust company named in a trust document and is in charge of the assets that are held in a trust. Assets held in a living trust avoid probate, which means that court supervision is typically not required. In most revocable living trusts, you act as the trustee.
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March 10, 2019May 23, 2019 by Tawnya Gilreath

Are Payable-On-Death Accounts Right For You?

A payable-on-death account, also called a POD account, is a common way to keep bank and investment accounts out of probate, the court-supervised process that oversees distributing a deceased person’s property. Most people want to avoid their estate going through probate because their heirs will receive the inheritance faster, privately, and at lower cost.

Is a POD account an appropriate solution for your needs? Let’s examine what POD accounts do and how they fit into the overall picture. Read More

January 20, 2019May 23, 2019 by Tawnya Gilreath

Caution: Creditors Now Have Easy Access to Inherited IRAs

Most people don’t know the law has changed: inherited retirement accounts no longer have asset protection, meaning they can be seized by strangers. Fortunately, retirement account protection still exists by using Standalone Retirement Trusts. Read More

January 13, 2019May 23, 2019 by Tawnya Gilreath

Organizing for Tax (and Estate Planning) Season

It’s the start of a new year, which means tax season—and this year’s April IRS filing deadline—is just around the corner. Soon you’ll be receiving tax forms such as your W-2 or 1099s, and you’ll start thinking about the life events that could affect your taxes in various ways.

This flurry of tax prep activity is the perfect opportunity to get your estate plan in order, too, and kill two birds with the proverbial stone.

Why? Because as you run down your list of “tax prep” questions, you will find that your answers could also impact your estate plan. Read More

August 5, 2018May 23, 2019 by Tawnya Gilreath

Wills vs. Trusts: A Quick & Simple Reference Guide

Confused about the differences between wills and trusts? If so, you’re not alone. While it’s always wise to contact experts like us, it’s also important to understand the basics. Here’s a quick and simple reference guide to give you the basics on (1) What Revocable Living Trusts Can Do – That Wills Can’t; (2) What Wills Can Do – That Revocable Living Trusts Can’t; and (3) What Both Wills & Trusts Can Do. Read More

May 27, 2018May 23, 2019 by Tawnya Gilreath

Why a Trust Is the Best Option for Avoiding Probate

Setting up a revocable living trust is quite often the best, most comprehensive option for avoiding probate. Often touted as an alternative to a will, a trust is a legal structure that permits management of your assets by a trustee on behalf of your beneficiaries. A living trust is established while you are still alive, as opposed to being created upon your death. Read More

Tag: revocable living trusts